Tailored Brands, parent of Jos. A. Bank, announced it would close 250 underperforming retail locations following poor year-to-year sales results. The initial news sent the company’s stock soaring nearly 12%.
According to reports, the company hopes to reduce annual expenses by $50 million by closing 80 to 90 full-line Jos. A. Bank stores, all of its Jos. A. Bank and Men’s Wearhouse outlet stores, and between 100 and 110 MW Tux locations.
No word yet where the affected locations will be.
