Tailored Brands, Inc., whose brand collection includes names such as Men’s Wearhouse and Jos. A. Bank, said that Dinesh Lathi will leave his position as president and chief executive officer effective March 26, according to a statement.
“I believe in the power of our brands and am confident the hard work we have done together has put the Company on a path toward long-term growth and success,” Lathi said in the statement.
Board members Peter Sachse and Bob Hull will step in to serve as interim co-CEOs as the board looks for a permanent replacement.
Tailored Brands successfully wrapped up its Chapter 11 restructuring in December 2020, and earlier in March it revealed $75 million in new financing.
Following those events and with business performance starting to rebound from the effects of the pandemic, the company said that the board and Lathi “mutually agreed that this is the right time to re-evaluate the skills and experiences needed in the CEO role as the Company prepares for its next chapter of growth and success.”
“We are immensely grateful for Dinesh’s contributions as both a director and executive of the Company over the past five years, and especially for his leadership in successfully guiding the Company through both the restructuring and the unprecedented challenges of the global pandemic,” Hull said in the statement.
As reported last fall, Men’s Wearhouse renovated what it refers to as a next-generation store north of Houston, Texas. The design comes with digital elements to suit tech-savvy shoppers.
At the time, it was reported that the Fremont, California-based division of Tailored Brands said it teamed with Minnesota-based architecture and design firm Nelson Worldwide to make a layout that is easy for shoppers to traverse.
Tailored Brands said it reduced the amount of merchandise in an effort to provide the store with a modern contemporary look.
Beyond Men’s Wearhouse and Jos. A. Bank, Tailored Brands’ names include K&G Fashion Superstore and Moores Clothing for Men.
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