From bankruptcy to Nasdaq: the menswear chain has filed for an IPO
Tailored Brands went bankrupt in 2020 because of the pandemic. Now it has over a thousand stores, $681.8 million in quarterly revenue and the ticker MENW.
Fashion retailer Tailored Brands reported a rise in quarterly revenue in its US initial public offering filing.
The Houston, Texas-based retailer posted net profit of $44.9 million on revenue of $681.8 million for the three months ended May 2, compared with net profit of $50.7 million on revenue of $644.4 million a year earlier. The number of shares to be offered and the price range have not yet been determined.
The timing rides a wave: the US IPO market has benefited from stronger equity markets, improving valuations and demand for AI capital. Consumer IPOs have also picked up pace after President Donald Trump’s sweeping tariffs dampened activity last year. Womenswear retailer Reformation filed last month.
Tailored Brands is a specialty retailer of menswear, including suits, formal wear and business casual. It operates more than 1,000 stores in North America, and its brands include Men’s Wearhouse, Jos. A. Bank and Moores, as well as family retailer K&G Fashion Superstore.
The company has a turnaround story: it filed for bankruptcy in 2020 after being hit by the coronavirus crisis but has since recovered. It had confidentially filed for an IPO back in April. Following the bankruptcy, hedge fund Silver Point Capital acquired a significant stake and will remain the controlling shareholder after the offering.
Proceeds will go toward paying debts and general corporate purposes, including working capital, operating expenses and capital expenditures. Goldman Sachs, Morgan Stanley and Jefferies are among the underwriters. It intends to list on the Nasdaq under the symbol MENW.