Tailored Brands Inc. has taken the next step toward a public listing, submitting a public registration for an initial public offering on Friday as it prepares to return to listed equity markets following its 2020 bankruptcy reconstruction.
Headquartered in Houston, Texas, the company operates several apparel chains, including Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore. In its Securities and Exchange Commission filing, Tailored Brands reported net income of $44.9 million for the three months ended May 2 on revenue of $681.8 million. For the same period a year earlier the company posted net income of $50.7 million on revenue of $644.4 million.
The filing follows a confidential IPO filing the company disclosed in late April. Tailored Brands previously sought Chapter 11 protection in August 2020, a move it attributed to pandemic-related lockdowns that depressed demand for business suits as office attendance fell. The firm exited Chapter 11 by the end of 2020 and said the restructuring eliminated $686 million of debt.
Credit-focused hedge fund Silver Point Capital is the controlling stakeholder and, according to the filing, is expected to keep voting control after the offering. The company also implemented senior management changes in the run-up to the IPO: in November it named Mike Baughn, formerly chief financial officer at Footlocker Inc., as its chief financial officer, and promoted Karla Gray, a former Nike Inc. executive, to chief operating officer.
Goldman Sachs Group Inc., Morgan Stanley and Jefferies Financial Group Inc. are listed as the lead underwriters on the offering. Tailored Brands intends for its shares to trade on the Nasdaq Global Select Market under the ticker symbol MENW.
The filing arrives amid a broader uptick in consumer-focused IPO activity. The company's public filing comes at the same time other consumer chains have moved toward listings - Jersey Mike's Subs and Cumberland Farms Ltd. have filed for IPOs, Inspire Brands Inc., owner of Dunkin', Arby's and Jimmy John's, has confidentially filed, and companies such as Suja Life Inc. and Yesway Inc. have made trading debuts this year.
As Tailored Brands advances through the IPO process, the filing lays out recent operating results, ownership structure, and recent changes in executive leadership, while noting the company's path from Chapter 11 back to preparing to trade publicly.