Company type | Private |
---|---|
Industry | Retail |
Founded | 1973 (as Men's Wearhouse) |
Founder | George Zimmer |
Headquarters | , U.S. |
Number of locations | 1,450 (Feb. 2020) [1] |
Area served | United States Canada |
Key people | Bob Hull and Peter Sachse (interim co-CEOs) [2] |
Products | Men's clothing, footwear, tuxedo rentals and suit pressing |
Revenue | US$ 2.881 billion (2019) [1] |
US$ 97.84 million (2019) [1] | |
US$−82.28 million (2019) [1] | |
Total assets | US$ 2.219 billion (2019) [1] |
Total equity | US$−98.31 million (2019) [1] |
Number of employees | 19,300 (Feb. 2020) [1] [2] |
Subsidiaries | Jos. A. Bank Men's Wearhouse Moores K&G Fashion Superstore |
Website | www |
Tailored Brands, Inc. is an American retail holding company for various men's apparel stores, including the Men's Wearhouse and Jos. A. Bank brands. [3] The company is headquartered in Houston, Texas, with additional corporate offices in Dublin, California and New York, New York. [4]
The company operates Men's Wearhouse, K&G Superstores (an off-price retail chain), Moores Clothing for Men (a Canadian chain of men's clothing stores), and Jos. A. Bank. In 2013, the company added the Joseph Abboud brand to its lineup. [5]
Tailored Brands' predecessor, Men's Wearhouse, was founded in 1973 by George Zimmer as a retail men's clothing store. The business had grown to 100 stores by the time it held an IPO in 1992, raising $13M. [6] Zimmer turned Men's Wearhouse into an industry consolidator, acquiring numerous competitors throughout his tenure leading the firm. In 1997, it purchased, then liquidated, the bankrupt Kuppenheimer chain. [7]
Men's Wearhouse notably ran television and radio commercials featuring Zimmer, and the oft-repeated slogan, "You're going to like the way you look; I guarantee it." [8] According to Business Week , Men's Wearhouse targets the common man, with "the neatly displayed clothes in Zimmer's stores [being] designed to cater to the unpretentious guy who wants to do as little as possible to maintain his wardrobe." [9]
On November 17, 2006, Men's Wearhouse acquired After Hours Formalwear, a clothier specializing in black tie formalwear, from Federated Department Stores, the parent company of department store company Macy's. After Hours Formalwear was originally rebranded MW Tux, but has now been rolled up under the Men's Wearhouse brand. The formalwear group within Men's Wearhouse specializes in tuxedo rentals for men and boys for black tie events.
In 2009, Men's Wearhouse became a major sponsor of the United Football League and continued to sponsor the league in 2010. In that same year, the company acquired the trade and assets of Alexandra plc, which was in administration and Dimensions Corporatewear to develop its presence in Europe.[ citation needed ]
On June 19, 2013, the company dismissed founder and Executive Chairman George Zimmer for undisclosed reasons. [10] The company later stated that Zimmer was dismissed due to "difficulty accepting the fact that Men's Wearhouse is a public company with an independent board of directors and that he has not been the chief executive officer for two years. He advocated for significant changes that would enable him to regain control." [11]
In October 2013, Men's Wearhouse received a $2.4 billion acquisition offer from smaller rival Jos. A. Bank. [12] Men's Wearhouse countered with an offer of its own, which sparked a five-month takeover battle between the two menswear retailers. After Jos. A. Bank rejected the initial counteroffer, Men's Wearhouse announced that it would increase its all-cash bid if Jos. A. Bank revealed limited financial information and entered into negotiations. [13] In an attempt to dilute shares and become too large for Men's Wearhouse to purchase, Jos. A. Bank agreed to acquire the men's outdoor clothing company Eddie Bauer for $825 million. [14] Men's Wearhouse immediately responded by filing a lawsuit to block the proposed acquisition, which was expedited by Delaware Judge J. Travis Laster." [15] The lawsuit required Jos. A. Bank to disclose documents relating to the deal and prevented it from closing the deal without giving Men's Wearhouse 10 days' notice.
On November 12, 2013, Ricky Sandler, CEO of Eminence Capital LLC, published a letter he sent to Men's Wearhouse CEO Douglas Ewert discussing a merger with Jos. A. Bank. [16] On November 15, 2013, Joseph A. Bank Clothiers Inc. withdrew "its all-cash proposal to purchase Men's Wearhouse for $48 a share after its self-imposed November 14 deadline". [17]
In March 2014, Men's Wearhouse reached an agreement to acquire Jos. A. Bank for $1.8 billion, on the condition that it dropped its acquisition bid for Eddie Bauer. [18] A Federal Trade Commission investigation into the deal concluded in May 2014, concluding that the merger was "not likely to harm consumers"; the completion of this investigation was required for the merger to go forward. [19]
Tailored Brands, Inc. was created in January 2016 when Men's Wearhouse reorganized as a holding company and changed its ticker symbol from MW to TLRD. [3]
Tailored Brands filed for bankruptcy due to the coronavirus pandemic and its 1.4 billion dollar long term debt load on August 2, 2020, [20] after announcing a few weeks earlier that they would close around 500 locations. [21]
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over the department store chain Macy's. Despite a long history of preserving regional nameplates, with the acquisition of The May Department Stores Company in 2005, they were retired and replaced by the Macy's and Bloomingdale's brands nationwide by 2006. Ultimately, Federated itself was renamed Macy's, Inc. in 2007.
Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.
Eddie Bauer, LLC is an American clothing store chain headquartered in Seattle, Washington. Eddie Bauer sells its merchandise via retail stores, outlet stores, and online and via phone, with a call center in Groveport, Ohio. The company also licenses the Eddie Bauer brand name and logo for various products sold through other companies including eyewear, furniture, bicycles, and, up until the 2010 model year, upper level versions of Ford Motor Company's Bronco, Explorer, Expedition and Excursion SUVs.
American Eagle Outfitters, Inc. is an American clothing and accessories retailer headquartered at SouthSide Works in Pittsburgh, Pennsylvania. It was founded in 1977 by brothers Jerry and Mark Silverman as a subsidiary of Retail Ventures, Inc., a company that also owned and operated Silverman's Menswear. The Silvermans sold their ownership interests in 1991 to Jacob Price of Knoxville, Tennessee. American Eagle Outfitters is the parent company of Aerie, Unsubscribed and Todd Snyder.
Pacific Sunwear of California, LLC, commonly known as PacSun, is an American retail clothing brand. The company sells lifestyle apparel, along with swim, footwear and accessories designed for teens and young adults. As of 2022, the company operates 325 stores in all 50 states and Puerto Rico. PacSun is headquartered in Anaheim, California, and formerly operated a distribution center in Groveport, Ohio. The company's regional directors, district managers and store positions are located throughout the United States. The company went bankrupt in April 2016 and is now owned by Golden Gate Capital.
George Zimmer is an American businessman. He is the founder, former executive chairman (1973–2013) and former CEO (1973–2011) of the Men's Wearhouse, a clothing retailer with more than 1,200 stores in the US and Canada, under the brands Moores, Men's Wearhouse and K&G Superstores. After leaving his executive position with the company, he continued as the company's spokesperson, until he was fired in June 2013. Zimmer is now the founder, chairman, and CEO of Generation Tux, an online tuxedo and suit rental platform, and zTailors, a national network of on-demand tailors for men and women.
After Hours Formalwear was a clothier that specialized in the renting of tuxedos and formal wear for men. Originally known as Mitchell's Formalwear and founded in 1946, After Hours was the result of the acquisition by Mitchell's of fellow clothiers Small's and Tuxedo World in the late 1990s, and later acquired and assimilated several other chains in the United States.
Forever 21 is a multinational fast-fashion retailer headquartered in Los Angeles, California, United States. Originally founded as the store Fashion 21 in Highland Park, Los Angeles in 1984, it is currently operated by Authentic Brands Group and Simon Property Group, with about 540 outlets.
Spiegel was an American direct marketing retailer founded in 1865 by Joseph Spiegel. Spiegel published a catalog, like its competitors Sears, Aldens, and Montgomery Ward, which advertised various brands of apparel, accessories, and footwear, as well as housewares, toys, tools, firearms, and electronics. Their company brands included Newport News, Shape FX, and Old Kraftsman, among others. They also operated brick-and-mortar stores.
Moores the Suit People, Corp. is a Canadian company specializing in business clothing and formalwear for men. It is an affiliate of Men's Wearhouse in the United States.
Grafton Apparel Ltd. is a Canadian seller of men's apparel. Grafton Apparel Ltd. operates through its retail chains, Tip Top Tailors, George Richards Big and Tall, Mr. Big & Tall, and Kingsport Clothiers, which are located coast to coast in Canada. The company's leading competitor is Men's Wearhouse's Moores.
Jos. A. Bank is an American retailer of men's furnishings specializing in suits. Established in 1905, by Charles Bank and Joseph Alfred Bank, it operates nearly 200 retail locations and three distribution centers. The company is headquartered in Fremont, California. Its parent company, Tailored Brands, also owns K&G Fashion Superstores, Men's Wearhouse, and Moores Clothing for Men in Canada.
Hart Schaffner Marx is an American manufacturer of ready-to-wear menswear owned by New York City–based Authentic Brands Group. With origins dating to a family business in 1872 Chicago and incorporated in 1911 as "Hart Schaffner & Marx", the company is now located in Des Plaines, Illinois.
B. Kuppenheimer & Co., or simply Kuppenheimer, was a men's clothing manufacturing and retail operation based in Chicago, Illinois and later Atlanta, Georgia.
Tommy Hilfiger B.V., formerly known as Tommy Hilfiger Corporation and Tommy Hilfiger Inc., is an American luxury clothing brand that manufactures apparel and licensed products such as footwear, accessories, fragrances and home furnishings. The company was founded in 1985, and the brand's merchandise is sold in department stores and over 2000 free-standing retail stores in 100 countries.
Mark's is a Canadian clothing and footwear retailer specializing in casual and industrial wear. Beginning in 1977 as Mark's Work Wearhouse in Calgary, Alberta, it evolved from an industrial accessories dealer to a men and women's casual and industrial wear retailer. The company operates over 380 stores across Canada and has been a subsidiary of Canadian Tire since 2002.
AlixPartners is a financial advisory and global consulting firm best known for its work in the turnaround space. Jay Alix founded what became AlixPartners LLP in 1981. The firm has advised on some of the largest Chapter 11 reorganizations including General Motors Co., Kmart, and Enron Corp. The firm has since moved into a more traditional consulting space, and grown to a staff of over 1000. AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. They were also involved in the Bernie Madoff scandal, identifying 13,000 investors affected by the scandal for the prosecuting team.
Anderson–Little was an American clothing manufacturer and retailer of the 20th century, particularly of men's suits. It operated in the eastern United States, and in New England in particular.
Generation Tux is an online suit rental company headquartered in Louisville, Kentucky. Founded by Men's Wearhouse founder and former CEO George Zimmer, its primary business is the rental and delivery of suits, tuxedos, and other formalwear accessories by mail.
C&R Clothiers was a large chain of men's suit and furnishings stores based in Culver City, California. As of 1990 it had 67 stores across California. The chain dates back to 1948.