We'll be seeing fewer Tailored Brands (NYSE: TLRD) stores in the future. The operator of retailers Men's Wearhouse and Jos. A. Bank, among others, revealed on Tuesday in a press release that it has tagged up to 500 of its retail outlets for closure and will conduct a round of job cuts. The latter will affect roughly 20% of its corporate workforce and will be enacted by the end of the company's second quarter of the current fiscal year.
The moves are part of a wider effort to rationalize the retailer's operations. Tailored Brands said the aim is to "reduce and realign its store organization and supply chain infrastructure and organization to best serve its go-forward store footprint and e-commerce business."
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