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Men's Wearhouse Owner Tailored Brands Files for IPO After 2020 Bankruptcy
Tailored Brands Inc., the parent company of Men's Wearhouse and Jos. A. Bank, has publicly filed for an initial public offering, signaling its return to the stock market four years after a bankruptcy restructuring. The move, which follows a confidential IPO filing in late April, sets the stage for investors to once again trade shares in the major menswear retailer.
The Offering
According to a Friday filing with the U.S. Securities and Exchange Commission, the Houston-based company plans to list its shares on the Nasdaq Global Select Market under the proposed ticker symbol MENW. The offering is being led by a group of prominent investment banks, including Goldman Sachs, Morgan Stanley, and Jefferies Financial Group.
The filing provides a detailed look into the company's recent financial performance. For the three months ended May 2, Tailored Brands reported:
- Net revenue of $681.8 million
- Net income of $44.9 million
This compares to revenue of $644.4 million and net income of $50.7 million in the same period a year prior, indicating revenue growth alongside a decline in profitability.
A Post-Bankruptcy Comeback
AdThe planned IPO marks a significant turnaround for the retailer, which owns brands including Men's Wearhouse, Jos. A. Bank, Moores, and K&G Fashion Superstore. The company filed for Chapter 11 bankruptcy protection in August 2020 as pandemic lockdowns sharply reduced demand for business suits and formal attire.
Tailored Brands emerged from bankruptcy by the end of 2020 after successfully eliminating $686 million of debt through the process. The filing notes that credit-focused hedge fund Silver Point Capital, which took control during the restructuring, is expected to maintain voting control of the company following the IPO.
Context and Management
In preparation for its public return, Tailored Brands has made key leadership changes. In November, it appointed former Footlocker Inc. executive Mike Baughn as its chief financial officer and promoted former Nike Inc. executive Karla Gray to chief operating officer.
The company's listing comes amid a period of renewed activity for consumer-focused IPOs. Other well-known brands, such as Jersey Mike's Subs and Inspire Brands, have also recently filed to go public, suggesting a potentially receptive market for established consumer names.