Owner of Men’s Wearhouse files for IPO
Tailored Brands Inc. has taken the next step in its return to the public market.
The 53-year-old menswear giant, parent company of Men’s Wearhouse, Jos.A. Bank and other brands, has filed a registration statement to go public. The action comes after the Houston-based retailer said in April that it had filed confidentially for an IPO.
Tailored Brands expects its shares to trade on the Nasdaq Global Select Market under the symbol MENW. The company said the number of shares to be sold and the price range for the proposed offering have not yet been determined. It plans to use the proceeds from any shares it sells direct to pay down debt and for general corporate purposes.
Tailored Brands first went public in 1992. But it filed for bankruptcy protection in 2020 and emerged with significantly less debt and a reorganization that effectively handed over control of the business to its former lenders. The company is now controlled by Silver Point Capital.
During the past year, Tailored Brands has reshuffled its leadership team, including the appointment of John Tighe as CEO, succeeding Peter Sachse who was named executive chairman of the company’s board. In November, it named Mike Baughn, former CFO of Foot Locker, as executive VP and finance chief.
According to a filing with the U.S. Securities and Exchange Commission, Tailored Brands had net income of $44.9 million and revenue of $681.8 million for the three months ended May 2, compared with net income of $50.7 million and revenue of $644.4 million in the year-ago period.
The retailer operates more than 1,000 stores under the Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore banners in North America.
Goldman Sachs & Co. LLC, Morgan Stanley and Jefferies are acting as lead bookrunning managers for the proposed offering. BofA Securities, Evercore ISI, Guggenheim Securities, Wells Fargo Securities, Baird and Stifel are acting as joint bookrunners. Telsey Advisory Group will serve as a co-manager.
Tailored Brands’ offering comes on the heels of IPOs by convenience store giant Cumberland Farms and the fast-growing sub sandwich chain Jersey Mike’s.
