Dinesh Lathi, CEO and President of American fashion retailer Tailored Brands, will quit from his post with effect from 26 March 2021.
This was confirmed in a statement released by the US menswear retailer.
Following the retailer’s exit from Chapter 11 bankruptcy and the recent securing of financing, Dinesh and the company board mutually agreed that as the company was on its way to start its new chapter of growth, the CEO skills and experiences needed re-evaluation.
While Dinesh’s last day at the office is just a week away, Bob Hull and Peter Sachse will serve as interim co-CEOs, till a new CEO is appointed.
Bob and Peter are currently board members of Tailored Brands, which owns reputed labels Men’s Wearhouse and Jos. A. Bank.
Ever since becoming the CEO of Tailored Brands in 2019, it hasn’t been easy for the brand. While sales continued plummeting during his tenure, even the company’s reputed brand Joseph Abboud was sold under his leadership.
The pandemic wrath was the final nail in the coffin that further impacted sales at Tailored Brands – eventually causing it to file for bankruptcy.
However, earlier this month it secured an emergency loan of US $ 75 million though there are now reports that some shareholders are probing the loan.
Also Read: Tailored Brands seeks US $ 75 million loan after exiting bankruptcy
The US apparel retailer was founded in 1973 and is mainly known for its menswear and footwear.
