Business

Men’s Wearhouse, Jos. A. Bank closing 250 stores

Tailored Brands, the public-trading company that owns Men’s Wearhouse and Jos. A. Bank stores, will close 250 of its stores by the end of January 2017. The company will not release a list of the stores its planning on closing.
Tailored Brands, the public-trading company that owns Men’s Wearhouse and Jos. A. Bank stores, will close 250 of its stores by the end of January 2017. The company will not release a list of the stores its planning on closing. nmark@centredaily.com

Tailored Brands, the public-trading company that owns Men’s Wearhouse and Jos. A. Bank stores, will close 250 of its stores by the end of January.

The company, however, is being tight-lipped about what stores will be closed.

Management at the two State College stores deferred comment to its corporate offices, which would not discuss closures of any stores.

“A public list of store closure locations will not be provided,” said Ken Dennard, of Dennard Lascar Associates, the company’s investor relations firm.

He said 80 to 90 of the company’s 576 Jos. A. Bank stores will close, and the remaining closures will be outlet stores. No Men’s Wearhouse full-line stores will be closed.

Dennard was also asked if the close proximity of a Men’s Wearhouse and Jos. A. Bank in State College — the stores are about 500 feet away from each other in Patton Township — would play a role in a possible closure.

“The decision to close a Jos. A. Bank full-line store was not related to any proximity correlation to a nearby Men’s Wearhouse full-line store,” Dennard said.

Jos. A. Bank sales decreased 32 percent in the fourth quarter.

“While our fourth quarter and full year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results,” Tailored Brands CEO Doug Ewert said in a release. “Our transition away from unsustainable promotions has proven significantly more difficult and expensive than we expected. We do, however, remain confident that Jos. A. Bank offers a longer-term opportunity to profitably grow market share in the menswear business. Additionally, our Men’s Wearhouse, Moores and K&G brands continue to perform well, with profitability in line or ahead of our expectations”

Shawn Annarelli: 814-235-3928, @Shawn_Annarelli

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