U.S. markets closed
  • S&P 500

    3,855.36
    +13.89 (+0.36%)
     
  • Dow 30

    30,960.00
    -36.98 (-0.12%)
     
  • Nasdaq

    13,635.99
    +92.93 (+0.69%)
     
  • Russell 2000

    2,163.27
    -5.49 (-0.25%)
     
  • Crude Oil

    52.87
    +0.60 (+1.15%)
     
  • Gold

    1,855.00
    -1.20 (-0.06%)
     
  • Silver

    25.39
    -0.17 (-0.65%)
     
  • EUR/USD

    1.2151
    -0.0024 (-0.19%)
     
  • 10-Yr Bond

    1.0400
    -0.0510 (-4.67%)
     
  • GBP/USD

    1.3670
    -0.0014 (-0.11%)
     
  • USD/JPY

    103.7630
    +0.0020 (+0.00%)
     
  • BTC-USD

    32,369.51
    -1,077.74 (-3.22%)
     
  • CMC Crypto 200

    651.40
    -25.50 (-3.77%)
     
  • FTSE 100

    6,638.85
    -56.22 (-0.84%)
     
  • Nikkei 225

    28,822.29
    +190.84 (+0.67%)
     

Fashion retailer Tailored Brands emerges from bankruptcy protection

·1 min read
A Tailored Brands Men's Wearhouse store is seen in New York

(Reuters) - Tailored Brands said on Tuesday it has emerged from bankruptcy protection following a financial restructuring process that helped the U.S. men's fashion retailer eliminate $686 million of debt from its balance sheet.

The Houston-based company in August filed for Chapter 11 bankruptcy, joining a list of brick-and-mortar retailers succumbing to the hit from the COVID-19 pandemic.

It confirmed a restructuring plan last month that consisted of a $430 million lending facility.

Tailored Brands said on Tuesday it now operates with a capital structure that includes an exit term loan of $365 million, which it expects will support its ongoing operations and strategic initiatives.

The company in July announced plans to cut its workforce by 20% and shut as many as 500 stores, in response to the impact of the pandemic.

(Reporting by Derek Francis in Bengaluru; Editing by Ramakrishnan M.)