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TAILORED BRANDS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed Jul 27, 2020. Its latest SEC filing is a 15-12B from Dec 2, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells men’s suits, formalwear and business-casual clothing, and rents suits and tuxedos to shoppers through its retail brands, stores and websites.

How Did They Make Money?

Shoppers pay for clothing when they buy it in stores or when orders ship, and for rental or alteration services when the completed service is received; rental and custom-clothing customers typically pay deposits first.

FY2019 revenue

Who Were Their Customers?

Men shop at Men’s Wearhouse, Jos. A. Bank and Moores stores and websites for clothing and rentals; K&G serves men and women seeking value-oriented apparel in its stores.

Did Revenues Turn Into Profits?

Not on paper. It lost $82.3M in FY2019, but brought in more cash than it spent: $11.1M of free cash flow.

Operating income, FY2019
3% of revenue
▼ −57% vs FY2018 ($225.6M, 8%)
Net income, FY2019
−3% of revenue
▼ Now a loss vs FY2018 ($83.2M, 3%)
Free cash flow, FY2019
0% of revenue
▼ −95% vs FY2018 ($240.4M, 8%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to May 2, 2020
Revenue
▼ −60%
vs $724.7M in Q1 FY2019
Net income
▼ Now a loss
vs $7.1M in Q1 FY2019
  • Dec 2, 2020 Reorganization took effect and existing common shares were canceled The plan became effective; existing shares were canceled without consideration.
  • Nov 16, 2020 Bankruptcy court confirmed the reorganization plan
  • Aug 4, 2020 Company filed for Chapter 11; NYSE began delisting proceedings The company said it did not intend to appeal the delisting decision.

Shrank. Revenue fell 18% in 4 years, from $3.5B in FY2015 to $2.9B in FY2019, about 5% a year.

Corporate apparel exit The earlier report described a corporate-uniform business serving workforces through managed accounts, catalogs and websites; the latest report says it was sold and treated as discontinued operations.

MW Cleaners exit The earlier report included MW Cleaners in its retail segment; the latest report says the MW Cleaners business was divested.

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