In his first-sit down interview since taking the helm of the menswear retailer, co-chief executive officer Peter Sachse said the company has been stabilized and is performing well.
, Moores and K&G Superstores, received upgrades from both Moody’s Investors Service and Standard & Poor’s. Moody’s moved the company up three notches from Caa1 to B1 with a stable outlook, prompting Mike Zuccaro, vice president of Moody’s, to write: “The upgrades reflect the substantial improvement in Men’s Wearhouse’s operating performance, credit metrics and liquidity since the company exited Chapter 11 bankruptcy in December 2020.
In March of this year, Sachse and Bob Hull were officially named co-CEOs for the Houston-based menswear retailer. Sachse and Hull had served on the company’s board and stepped up to the interim co-CEO roles in March of 2021 when then-CEO Dinesh Lathi stepped down. Tighe joined two months later. Sachse said that the Tailored Brands of today is a different company than it was in the past. And while the management team maintains a healthy respect for the past — the firm was founded by George Zimmer in 1973 — it is committed to moving it forward into the future.
On top of that, Tighe said he was “a firm believer in tailored clothing. I know a lot of companies were avoiding the category but I thought if we dressed people to look great for the most important events in their lives, we could be wildly successful.”Although the former management team had been moving the business into more sportswear and even ath-leisure, a move that Tighe and the team put the brakes on immediately.
Tailored Brands’ new version is similar but intentionally not a replica, with “You’re going to Love it” as the new tagline. Sachse said: “We think love is a stronger word than like. So whether you’re going to work or to grandma’s funeral, you’re confident you’ll look good. “You no longer will walk into a Men’s Wearhouse store and see 3,000 sleeves, shoulder hung, where you’re incapable of getting your hands in between any of the sleeves, because there are so many,” Sachse said. “Now we have organized the store by classic, or slim, or updated.”Of the 630 Men’s Wearhouse stores, 100 percent have been “remerchandised top to bottom,” Sachse said, and several have been remodeled.
“We got a chance to start over,” Sachse said of the company as a whole, “and rationalize our pricing and promotions.” Tailored Brands has embraced a good, better, best strategy, and instead of the “buy one get one free” that characterized the business in the past, Tighe and the merchandising team “optimized and simplified the pricing throughout the chain,” Sachse said. “There probably is not one garment in the store that we didn’t touch on prices.
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