Consumer Law

Parent Company of Men’s Wearhouse Exits Bankruptcy

The parent company of Men’s Wearhouse and Jos. A. Bank has announced it has emerged from Chapter 11 bankruptcy.

Tailored Brands Inc. said it had eliminated $686 million of debt. The company is now owned by its lenders and other creditors, after decades as a publicly-traded company, according to the retail website, RetailDive.

The company had filed for Chapter 11 bankruptcy back in August. Chapter 11 bankruptcy provides businesses or large investors with protection from creditors while they continue operating and develop a repayment plan. Both creditors and owners must agree on a reorganization plan, which ultimately must be approved by a federal bankruptcy judge.

Read the source article at pennlive.com

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