Retailers Ulta Beauty and Tailored Brands, parent of Men's Wearhouse and Jos. A. Bank, have announced upcoming store closings.
Tailored Brands has identified up to 500 stores for closure “over time” and plans to eliminate around 20% of its corporate positions by the end of its fiscal Q2.
“Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities,” said Tailored Brands president and CEO Dinesh Lathi. “It is always difficult to eliminate jobs and say farewell to our friends and colleagues. I want to thank our teammates affected by these changes as well as those who continue to help us meet the challenges currently facing our industry and who remain dedicated to serving our customers.”
The company also announced that EVP, CFO and treasurer Jack Calandra will leave Tailored Brands as of July 31. In the near term, Calandra’s responsibilities will be divided between Lathi and Holly Etlin, a managing director at AlixPartners who has been appointed to the newly created role of chief restructuring officer, reporting directly to Lathi. Etlin brings more than 30 years of restructuring experience and a deep expertise in retail, and has been working closely with the executive team and board as an advisor since late March.
“Jack and I have been discussing a transition and, with a full appreciation of both the challenges to be solved and the opportunities to be realized in the next phase of the company’s journey, we both agree this is the right time for a change,” said Lathi.