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Major Executive Departures at Parent Company of Men’s Wearhouse
Tailored Brands Inc., the Fremont, Calif., parent company of several menswear-store chains, said its chief executive as well as its president and chief operating officer are leaving.
The company announced on Aug. 28 that Doug Ewert, the chief executive, was leaving at the end of September, when he was scheduled to retire, and Bruce Thorn, its president and chief operating officer, was departing Aug. 31 to pursue other opportunities.
In a separate announcement the same day, Tailored Brands said it would have an $8.1 million net loss for the second quarter of fiscal 2018, which will be reported on Sept. 12.
Ewert had been the company’s CEO since June 2011 and was also a member of the company’s board of directors. He will be stepping down from the board, and Dinesh Lathi, a non-executive chairman of the board, will become executive chairman.
While Ewert was the CEO, Tailored Brands’ revenues grew from $2.4 billion a year to $3.3 billion. “We have a compelling business with brands that can win in today’s market, and I believe that now is the right time to begin the succession process to hand over the reins to new leadership,” Ewert said in a statement.
In April, Tailored Brands announced it refinanced a $900 million loan due in June 2021, extending its maturity date to April 2025. Before refinancing, Tailored Brands made a $93.4 million prepayment on its existing term loan.
Tailored Brands is headquartered in the San Francisco Bay area, but its main operations are in Houston. The company’s other brands include Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G.
