Tailored Brand misses interest payment on bonds

Tailored Brands Inc. subsidiary Men's Wearhouse Inc. has not made interest payments due Wednesday of about $6.1 million on its 2022 senior notes, Tailored Brands said in a filing late Wednesday. Instead, the subsidiary and Tailored Brands have chosen to enter a 30-day grace period and could make the payment within that time frame, the company said. At the end of the grace period, a non-payment becomes an "event of default." Tailored Brands did make interest payments on its credit facilities, it said. Shares of Tailored Brands, which also sells apparel under store brands such as Jos. A. Bank and Joseph Abboud, fell more than 2% in the extended session Wednesday after ending the regular trading day down 4% and under $1. The company in early June said it had taken "decisive actions" to manage its liquidity and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic. Some 44% of its stores, which include Men's Wearhouse and Jos. A. Bank, have reopened, it said. As of June 5, Tailored Brands had $201 million in cash and|NEW] and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic.

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