Today's Man Inc. (Moorestown, N.J.) announced it has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Code.
It was also announced that Bruce Weitz will no longer be president and ceo of the company as of March 3, 2003. “While we appreciate the leadership that Bruce has provided during his tenure, it is clear that the company must now take a new strategic direction that will require a different outlook,” said acting ceo Frank Johnson.
“The decision to file for bankruptcy was difficult, but we feel it represents the most viable approach for our business,” Johnson said. “We are grateful for the constructive relationships with our suppliers and the loyalty and commitment of our associates. The continued support of our suppliers and associates will play an important role in our ongoing efforts.”
Today's Man currently operates 29 menswear stores in the Philadelphia, New York and Washington, D.C., markets.