Tailored Brands
| Company type | Public |
|---|---|
| Industry | Retail (men's fashion) |
| Predecessor | Men's Wearhouse |
| Founded | 2016 (as Tailored Brands, Inc.) |
| Headquarters | Houston , United States |
Area served | United States, Canada |
Key people | Bob Hull (interim co-CEO), Peter Sachse (interim co-CEO) |
| Products | Men's apparel, footwear, tuxedo rentals, suit maintenance services |
Number of employees | 19,300 (2020) |
| Website | www |
Tailored Brands, Inc. is a U.S.-based retail holding enterprise concentrating on men's fashion, with ownership of well-known labels like Men's Wearhouse and Jos. A. Bank. Its main headquarters is situated in Houston, Texas, complemented by additional corporate offices located in Dublin, California and New York, New York.
The company's brand lineup comprises Men's Wearhouse, K&G Superstores (a discount retail chain), Moores Clothing for Men (a Canadian menswear retailer), and Jos. A. Bank. In 2013, Tailored Brands broadened its brand portfolio through the acquisition of the Joseph Abboud label.
By February 2020, Tailored Brands managed around 1,450 stores throughout the United States and Canada, employing approximately 19,300 individuals. The fiscal year 2019 saw the company generate revenues of US$2.881 billion with an operating profit of US$97.84 million, although it incurred a net loss amounting to US$82.28 million. During this timeframe, interim co-CEOs Bob Hull and Peter Sachse were responsible for guiding the company’s strategic direction.
The organization’s core operations revolve around men’s apparel, footwear, tuxedo rentals, and suit maintenance services, aiming to serve a wide customer base across North America through its varied brand holdings.
1946–2008: After Hours Formalwear
Originally launched as Mitchell's Formalwear in 1946, After Hours Formalwear specialized in tuxedo and formalwear rentals for men. It expanded its footprint in the late 1990s by acquiring several U.S.-based chains such as Small's and Tuxedo World. May Department Stores acquired the company in 2001; following May’s acquisition by Federated Department Stores in 2005, After Hours operated more than 450 outlets across 31 states plus Washington D.C., coordinating inventory management alongside David's Bridal under May's ownership.
On November 17, 2006, Men's Wearhouse purchased After Hours Formalwear while David's Bridal was sold to Leonard Green & Partners. The rental business was initially branded as MW Tux for one year before transitioning to Men's Wearhouse & Tux. By late 2008, the MW Tux identity was fully absorbed into Men's Wearhouse operations, ending its separate branding.
1973–2016: Men's Wearhouse
Founded in 1973 by entrepreneur George Zimmer, Men's Wearhouse experienced rapid growth reaching 100 stores by its initial public offering in 1992, which raised $13 million. Zimmer spearheaded the company's expansion strategy that included acquiring competitors such as the bankrupt Kuppenheimer chain in 1997.
The brand became widely recognized for its catchy slogan and Zimmer’s prominent media presence, catering primarily to everyday men seeking convenient wardrobe options. The acquisition of After Hours enhanced its offerings in men's clothing and formalwear rental services.
In 2009, the company extended its reach into Europe through purchasing trade assets from Alexandra plc and acquiring Dimensions Corporatewear. Additionally, it sponsored the United Football League during the 2009 and 2010 seasons to boost brand awareness.
On June 19, 2013, George Zimmer was dismissed from his role as Executive Chairman due to disagreements regarding governance and his influence over corporate strategy following the company’s public listing.
2013–2014: Acquisition of Jos. A. Bank
In October 2013, Men's Wearhouse was presented with a $2.4 billion acquisition proposal from its smaller competitor, Jos. A. Bank. In response, Men's Wearhouse submitted a competing offer, initiating a protracted five-month takeover contest. Following Jos. A. Bank's refusal of the initial counterproposal, Men's Wearhouse warned it would raise its all-cash offer if Jos. A. Bank provided limited financial disclosures and entered into negotiations. To complicate the acquisition and dilute shares, Jos. A. Bank proceeded to purchase the outdoor apparel brand Eddie Bauer for $825 million. In reaction, Men's Wearhouse filed legal action to block this transaction, which was expedited by Delaware Judge J. Travis Laster. The court ruling compelled Jos. A. Bank to reveal transaction documents and prohibited closing the deal without giving Men's Wearhouse a 10-day advance notice.
On November 12, 2013, Ricky Sandler, CEO of Eminence Capital LLC, addressed a letter to Men's Wearhouse CEO Douglas Ewert suggesting merger discussions involving Jos. A. Bank. Nonetheless, by November 15, Jos. A. Bank retracted its all-cash bid of $48 per share following the expiration of its November 14 deadline.
By March 2014, Men's Wearhouse reached an agreement to acquire Jos. A. Bank for $1.8 billion, contingent upon Jos. A. Bank abandoning its pursuit of Eddie Bauer. In May 2014, a Federal Trade Commission inquiry determined that the merger was unlikely to negatively affect consumers, thereby permitting the transaction to proceed.
2016–: Tailored Brands
In January 2016, Men's Wearhouse transitioned into a holding company structure, adopting the name Tailored Brands, Inc., and modifying its stock symbol from MW to TLRD. The corporation encountered considerable financial difficulties stemming from a $1.4 billion long-term debt load combined with the adverse effects of the COVID-19 pandemic. Consequently, in August 2020, Tailored Brands filed for bankruptcy protection after announcing plans to shutter roughly 500 retail locations, highlighting challenges within its operational model and competitive standing in the market.