Finally all speculations have come true!
Last week US-based fashion retailer Tailored Brands had announced that it may file for bankruptcy as early as on 2 August. It finally happened yesterday.
Also Read: Tailored Brands may go bankrupt in third quarter
The retail house, which owns Men’s Wearhouse, filed for Chapter 11 protection from creditors in the US Bankruptcy Court for the Southern District of Texas.
During the court filing, the retailer listed down its assets as well as liabilities in the range of US $ 1 billion to US $ 10 billion.
Now that Tailored Brands has filed for bankruptcy, it wouldn’t be a surprise if shareholders are wiped out. The brand is expected to pursue restructuring under the current bankruptcy laws.
Every retailer, over the last 5 months, has succumbed to the deadly virus, but the most hit has been the apparel and fashion industry, with many going bankrupt and many on the verge of going bankrupt.
Notably, 2 August not only saw Tailored Brands go insolvent, but also another American retailer Lord & Taylor file for bankruptcy.
