Men's Wearhouse owner closing 250 stores

Men's Wearhouse parent company Tailored Brands plans to shutter roughly 250 locations this year as part of cost-cutting measures.

The goal is to reduce expenses by $50 million.

Men's Wearhouse acquired Jos. A. Bank last year for $1.8 billion and created the fourth largest men's apparel chain in the United States. The company was renamed Tailored Brands in February and the banner is now part of the larger holding company. And while sales at Men's Wearhouse have been strong, Jos. A. Bank is struggling after it abandoned its longstanding discount and promotional structure.

The retailer discontinued its "buy one suit, get three free" promotions and same-store sales plummeted 32 percent last quarter.

Men's Wearhouse, however, reported a same-store sales increase of 4.3 percent for the same period.

No Men's Wearhouse stores are scheduled to close. Tailored Brands will shut 80 to 90 Jos. A. Bank locations, 58 outlet stores and 110 MW Tux stores, as it shifts tuxedo rentals to other outlets, according to Bloomberg Business.

For more:
-See this Bloomberg Business story

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