Men’s Wearhouse Could Close Under Performing Stores
Retail business was already struggling heading into 2020 then COVID-19 hit and sales drastically dropped. According to Fox News, retail giants like J.C. Penney, Neiman Marcus and Pier 1 have already filed for bankruptcy this year and more are expected to follow.
With people working from home, events and weddings being cancelled there has been little demand for dress clothes which is forcing Men's Wearhouse to consider filing for bankruptcy too. The company's stock is down 59% this year. Business Insider explains Tailored Brands, the company that owns Men's Wearhouse, has $1-Billion in debt and, "A bankruptcy filing would allow the company to continue operating while closing some under performing locations."
In other business news, The parent company of Kay Jewelers, Jared, and Zales, will be making permanent store closures across the globe. It is not clear at this time which locations will be closing. Rochester has a Men's Wearhouse, Kay Jewelers, and Zales all located in the Apache Mall.