Story
Men's Wearhouse Owner Tailored Brands Files for IPO Following 2020 Bankruptcy
Summary
The parent company of Men's Wearhouse and Jos. A. Bank has publicly filed for an initial public offering, aiming for a return to public markets four years after emerging from Chapter 11 bankruptcy.
Tailored Brands Inc., the parent company of Men's Wearhouse and Jos. A. Bank, has publicly filed for an initial public offering, a significant step in its plan to return to the stock market after filing for bankruptcy protection in 2020.
The Offering Details
According to a Friday filing with the U.S. Securities and Exchange Commission, the Houston-based retailer plans to list its shares on the Nasdaq Global Select Market under the proposed ticker symbol MENW. The public filing follows a confidential submission made by the company in late April.
The offering is being led by a consortium of major investment banks, including Goldman Sachs Group Inc., Morgan Stanley, and Jefferies Financial Group Inc.
Financial Performance
The regulatory filing provides a snapshot of the company's recent financial health, showing revenue growth but a decline in profitability. For the three months ended May 2, Tailored Brands reported:
Ad- Revenue: $681.8 million, up from $644.4 million in the same period a year earlier.
- Net Income: $44.9 million, down from $50.7 million in the prior-year period.
A Post-Bankruptcy Turnaround
Tailored Brands sought Chapter 11 bankruptcy protection in August 2020 after pandemic lockdowns crippled demand for business suits and formal wear. The company emerged from the proceedings by the end of that year, having eliminated $686 million in debt from its balance sheet.
Following its restructuring, the company is now controlled by credit-focused hedge fund Silver Point Capital, which is expected to retain voting control after the IPO. The company has also made recent leadership changes, appointing former Footlocker executive Mike Baughn as its chief financial officer and promoting Karla Gray, a former Nike executive, to chief operating officer.
Tailored Brands' move to go public comes amid a broader trend of consumer-focused companies seeking listings, including Jersey Mike's Subs and Inspire Brands Inc., the owner of Dunkin' and Arby's.