Tailored Brands, the parent company of Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore, has filed for an initial public offering and plans to open up to 500 stores over the next decade, marking a major turnaround from its COVID-19 pandemic-era struggles.
The Houston-based menswear retailer, which emerged from Chapter 11 bankruptcy in late 2020 after the pandemic devastated demand for suits and formalwear, publicly filed its IPO registration Friday.
The company intends to list on the Nasdaq under the ticker symbol MENW, although it has not yet disclosed the number of shares it plans to sell or the expected offering price, Retail Dive reports. Proceeds from the offering are expected to be used to reduce debt and for general corporate purposes, Reuters added.
As it prepares to go public, Tailored Brands also plans to open about 500 new stores across its brands, starting with around 20 locations this year before ramping up openings in 2027 and beyond. The move comes after the company permanently closed more than 400 stores in 2020 as part of its bankruptcy restructuring.
“We see a clear opportunity across more than 100 key markets, supporting potential expansion of over 500 additional locations over the next 10 years, including approximately 250 Men’s Wearhouse locations, 200 Jos. A. Bank locations and 50 K&G locations, all of which we believe offer attractive return profiles,” the filing states.
Tailored Brands is one of the largest men’s specialty retailers in the United States, operating more than 1,000 stores across North America, according to its IPO filing. It estimates that it accounts for about 60 percent of U.S. men’s apparel rental sales and sells approximately one out of every five men’s dress shirts purchased in the country.
The retailer’s financial performance has improved since emerging from bankruptcy. For the quarter ended May 2, Tailored Brands reported revenue of $681.8 million, up from $644.4 million during the same period a year earlier. Net income totaled $44.9 million, compared with $50.7 million in the prior-year quarter.
The company is currently majority-owned by hedge fund Silver Point Capital, which took control during its restructuring.
