Men's Wearhouse Owner Tailored Brands Files for IPO After 2020 Bankruptcy

Tailored Brands Inc., the parent company of menswear retailers Men's Wearhouse and Jos. A. Bank, has publicly filed for an initial public offering, a significant step in its return to the public markets after emerging from bankruptcy protection in 2020.

The Offering Details

In a registration statement filed with the U.S. Securities and Exchange Commission on Friday, the Houston-based company outlined its plans to list on the Nasdaq Global Select Market under the proposed ticker symbol MENW. The public filing follows a confidential submission the company made in late April.

The offering is being led by a group of prominent investment banks, including Goldman Sachs, Morgan Stanley, and Jefferies Financial Group. The filing confirms that credit-focused hedge fund Silver Point Capital, which gained control during the restructuring, is expected to maintain voting control of the company following the IPO.

Financial Performance

The filing provides a detailed look at the retailer's recent financial health. For the three-month period ending May 2, the company reported:

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• Net revenue of $681.8 million, up from $644.4 million in the same period a year earlier.
• Net income of $44.9 million, a decrease from the $50.7 million reported in the prior-year period.

Post-Bankruptcy Turnaround

This move toward the public market marks a notable turnaround for Tailored Brands, which filed for Chapter 11 bankruptcy in August 2020. The decision was driven by a sharp decline in demand for business attire as the global pandemic prompted widespread remote work.

The company emerged from bankruptcy proceedings by the end of 2020 after successfully eliminating $686 million of debt from its balance sheet. In preparation for its public debut, Tailored Brands has also made key leadership changes, appointing former Footlocker executive Mike Baughn as CFO and promoting former Nike executive Karla Gray to COO.