Tailored Brands

The Men's Wearhouse has signed a 10-year agreement with Macy's, Inc. to operate men's tuxedo rental shops inside 300 Macy's stores.

No other terms of the agreement were disclosed.

Doug Ewert, Men's Wearhouse chief executive officer, said: "As the nation's leading provider of tuxedo rental products and services, we are very excited to team with Macy's for the next decade to provide their customers with exceptional tuxedo rental services inside of 300 Macy's stores across the country."

Cincinnati -- George Zimmer, the founder and former head of Men’s Wearhouse, is back with a new business, called ZTailors, that will enable customers to order on-demand tailors to provide alterations. Using the service’s website or app, customers can schedule a tailor to come to their home or office to take the necessary measurements, with the altered items returned in several days.  

“It’s Uber for tailors,” Zimmer told the New York Times.

Men's Wearhouse is turning to a veteran of Google and Bebe Stores to be its new chief digital officer in charge of all digital and omnichannel initiatives.

Ben Baum will become EVP and CDO and report to Doug Ewert, CEO. Baum will lead all digital and omni-channel commerce and initiatives across digital, mobile and emerging platforms within the Men's Wearhouse organization including all individual brands and businesses via integrated omnichannel solutions.

Hampstead, Md. – Jos. A. Bank Clothiers is reportedly laying off 122 workers at its corporate headquarters. According to Reuters, the cuts will occur between May and December 2015, and represent about 15% of its total headquarters personnel. The layoffs come nearly one year after the company was acquired by Men’s Wearhouse.

New York -- Joseph Abboud has opened a flagship, the first under the umbrella of Men's Wearhouse, on Madison Avenue in Manhattan. Men’s Wearhouse acquired the Abboud brand in 2013.

The 4,300-sq.-ft. location was designed and styled collaboratively by Jeffrey Hutchison & Associates and Joseph Abboud, and is reminiscent of London's Savile Row.

Fremont, Calif. – Men’s Wearhouse reported a loss of $35.9 million for the fourth quarter, compared with a loss of $30.5 million in the year-ago period, weighed down by costs related to its June 2014 acquisition of Jos. A. Banks.

Net sales increased 66% to $928.4 million from $560.6 million, aided by the addition of revenue from Jos. A. Bank.

By brand, same-store sales increased 6.8% at Men’s Wearhouse stores, 8.6% at Moores and 6.8% at K&G. Sales fell 6.6% at Jos. A. Bank.

The acquisition of JoS. A. Bank is weighing on the financials at Men’s Wearhouse, which posted a decline in profits for the fourth quarter.

Men’s Wearhouse reported a quarterly loss of $35.9 million, or $0.75 per share, versus a year-ago loss of $30.4 million, or $0.64 per share. Excluding non-operating items, the company lost $0.03 per share, versus a year-ago loss of $0.38 per share. Its net sales surged 66% to $928.4 million.

By Jim Singer, A.T. Kearney, and Ryan Mathews, Black Monk Consulting

Fremont, Calif. – Men's Wearhouse Inc.'s third-quarter profit plunged 82%, mainly on expenses related to its June 2014 acquisition of rival Jos. A. Bank Clothiers Inc.      The retailer reported a profit $6.8 million in the third quarter of fiscal 2014, from $38.2 million in the year-ago-period and below Wall Street projections.  

The acquisition of Jos. A. Bank in June weighed heavily on Men’s Warehouse in the third quarter, as the company reported a profit decline of 82% due to expenses related to the integration of the rival clothier’s operations.