Edition:
India

Tailored Brands Says Expects Corporate Workforce Reduction Of About 20% Of Its Corporate Positions By End Of Fiscal Q2


Tuesday, 21 Jul 2020 

July 21 (Reuters) - Tailored Brands Inc ::TAILORED BRANDS INC - EXPECTS CORPORATE WORKFORCE REDUCTION OF APPROXIMATELY 20% OF ITS CORPORATE POSITIONS BY END OF FISCAL Q2.TAILORED BRANDS INC - UP TO 500 STORES IDENTIFIED FOR POTENTIAL CLOSURE OVER TIME.TAILORED BRANDS INC - CFO JACK CALANDRA TO DEPART TAILORED BRANDS AND HOLLY ETLIN APPOINTED AS CHIEF RESTRUCTURING OFFICER.TAILORED BRANDS - EXPECTS TO RECORD PRE-TAX CHARGE OF ABOUT $6 MILLION IN Q2 FOR SEVERANCE PAYMENTS & OTHER TERMINATION COSTS.TAILORED BRANDS INC - JACK CALANDRA, CFO OF CO, WILL LEAVE TAILORED BRANDS AS OF JULY 31.TAILORED BRANDS INC - IN NEAR TERM, CALANDRA'S RESPONSIBILITIES WILL BE DIVIDED BETWEEN LATHI AND HOLLY ETLIN.TAILORED BRANDS - HAS RE-EVALUATED FORECASTED PROFITABILITY & STRATEGIC VALUE OF STORES RELATIVE TO CURRENT & ANTICIPATED TRENDS IN CONSUMER DEMAND.TAILORED BRANDS INC - HAS NOT YET QUANTIFIED EXPENSE SAVINGS AND COSTS RELATED TO POTENTIAL STORE CLOSURES AND CORRESPONDING STORE ORGANIZATION.