Men’s Wearhouse and Jos. A. Bank will close up to 500 stores and lay off 20 percent of its corporate workforce, the California-based company has announced.
The continuing negative economic impact of COVID-19 was largely blamed for the decision, according to corporate parent company Tailored Brands President Dinseh Lathi.
Following these changes, the company expects to pay about $6 million in severance pay and other termination costs.
Tailored Brands has an estimated 1,500 stores across all of its brands.
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