Tailored Brands, which owns the popular Men’s Wearhouse and Jos. A. Bank, has emerged from bankruptcy!

While announcing the same on Tuesday (1 December), the American fashion retailer said that it has successfully cleared its debt of US $ 686 million and will continue to run its operations.

The retailer, reportedly, now plans a turnaround with a US $ 365 million exit term loan as well as US $ 75 million cash from a new debt facility. This is in addition to the US $ 430 million asset-based loan facility.

Notably, the ownership of Tailored Brand presently lies with its lenders and other creditors.

It was only last month that the court had approved the retailer’s efforts to revamp under Chapter 11.

Also Read: Tailored Brands may exit Chapter 11 bankruptcy this month

Though free of debts, challenges remain same for the retailer. Over the last few years suits and ties, for which Tailored Brands has always been known, have lost their popularity and now with the pandemic, it’s nowhere in demand.

However, suits and ties, along with formalwear, remain the core categories of the retailer and it will be interesting to see their business strategies going forward.