Tailored Brands—formerly known as Men’s Wearhouse—is closing the doors on roughly 250 of its stores in 2016, including up to 90 Jos A. Bank stores, all Jos A. Bank and Men’s Wearhouse Outlet stores and up to 100 tuxedo shops.
CNBC reported that the company’s decision to stop its promotions made struggling sales numbers plummet:
Men’s Wearhouse, which changed its name to Tailored Brands in January, acquired the Jos. A. Bank label for $1.8 billion in 2014. In a bid to bring the brand more upmarket, management last year put an end to the Buy One Get Three Free promotions that made the brand famous. Those same promotions had also made the brand a target of spoofs on “Saturday Night Live.”
CEO Doug Ewert told investors, “Our transition away from unsustainable promotions has proven significantly more difficult and expensive than we expected.”