250 Men’s Wearhouse, Jos. A. Bank Stores to Close

Tailored Brands Inc. (Houston), the holding company for brands including Men’s Wearhouse and Jos. A. Bank, announced that it will be closing about 250 stores. The closures will affect 80 to 90 full-line Jos. A. Bank stores, 100 to 110 Men’s Wearhouse Tux stores, and all 49 Jos. A. Bank outlet stores and all nine Men’s Wearhouse outlet stores.

Instead, the company is expanding its tuxedo-rental business into Macy’s (Cincinnati, Ohio) department stores. It plans to open 166 tuxedo rental shops in Macy’s stores this year and an additional 122 next year.

The move comes as the company attempts to improve operations after losing $1 billion in 2015. Part of the net loss is due to efforts to overhaul the Jos. A. Bank brand, which Men’s Wearhouse purchased for $1.8 billion in 2014, that caused a sharp decline in sales, reports The Wall Street Journal.