The chief executive of Tailored Brands is leaving after serving five years in the position and seeing the retailer through bankruptcy.
The parent company of Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G Fashion Superstore said that Dinesh Lathi will step down from his role as president and CEO, effective March 26. Board members Bob Hull and Peter Sachse will act as interim co-CEOs while the Board searches for a permanent successor.
“After these events, and with business performance beginning to recover from the impacts of the COVID-19 pandemic, the board and Lathi mutually agreed that this is the right time to re-evaluate the skills and experiences needed in the CEO role as the company prepares for its next chapter of growth and success,” Tailored Brands said.
In December 2020, Tailored Brands completed its Chapter 11 restructuring. Earlier this month, the company secured $75 million in new financing to help keep it afloat.
“With a solid financial structure now in place and the support of its new owners behind it, Tailored Brands is well positioned for growth in its next chapter,” Hull stated. “We are immensely grateful for Dinesh’s contributions as both a director and executive of the company over the past five years, and especially for his leadership in successfully guiding the company through both the restructuring and the unprecedented challenges of the global pandemic.”