HOUSTON, TX – January 9, 2024 – Tailored Brands, Inc. (the “Company”) today announced that, effective February 5, 2024, Co-CEO Bob Hull will move into a new role of Executive Chairman of the Board of Directors (the “Board”), and Co-CEO Peter Sachse will become sole Chief Executive Officer. Paul Soldatos will move from the Non-Executive Chairman role to become Lead Director of the Board, and Sean Mahoney will continue as an active director.
Under Bob’s and Peter’s leadership over the past several years, Tailored Brands has achieved a comprehensive strategic, operational and financial transformation. The Board believes that, with this deeply enhanced foundation, the Company is well-positioned to pursue future growth and profit improvement, making this an appropriate time for evolutionary change in the Company’s leadership structure.
Mr. Soldatos shared, “It has been a tremendous opportunity and privilege to serve as Chairman over the past few years, and I look forward to serving alongside Bob, Peter and Sean in my new role as Lead Director. Thanks to the dedicated efforts of the entire Tailored Brands team, we have positioned the Company for long-term growth and success. I am confident that, together, we will celebrate even more successes in the next phase of our journey.”
Mr. Hull said, “In the years Peter and I have shared the CEO role, we have cultivated a talented leadership team, implemented strong operating disciplines and significantly improved the financial strength of the Company. Having co-CEOs helped us during a period of transformation. Now, with an improved foundation and momentum propelling us, Tailored Brands is in a position to have a more traditional leadership structure with a single CEO at the helm. I look forward to continuing my work with Peter, Paul and Sean in my new capacity.”
Mr. Sachse stated, “Through the execution of our strategic priorities, we will continue to generate strong momentum in our business by acting on customer feedback, creating seamless and inspiring omnichannel experiences, and helping people love the way they look and feel for their most important moments. I am confident in the strategic direction of our Company and the exceptional team we have in place, and this transition underscores the progress everyone at Tailored Brands has made. We would not be where we are today without Bob’s partnership and thought leadership as well as the diligent contributions of our Board members. I look forward to more of the same in the coming years.”
Soldatos, Hull, Mahoney and Sachse joined the Tailored Brands Board of Directors in March 2021. Hull and Sachse served as interim co-CEOs from March 2021 to March 2022 and became co-CEOs in March of 2022.
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About Tailored Brands
Tailored Brands is a leading omnichannel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. We help our customers love the way they look and feel for their most important moments through our convenient network of stores and e-commerce sites. Our brands include Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore. For additional information on Tailored Brands, please visit the Company’s websites at www.tailoredbrands.com, www.menswearhouse.com, www.josbank.com, www.mooresclothing.ca, and www.kgstores.com.
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Forward-Looking Statements
This press release contains forward-looking information, including the Company’s statements regarding its strengthened business and growth outlook and the Company’s ability to execute on its strategic initiatives. In addition, words such as “will,” “expects,” “anticipates,” “envisions,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “projections,” and “business outlook,” variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements that we make herein are not guarantees of future performance and actual results may differ materially from those in such forward-looking statements as a result of various factors. Factors that might cause or contribute to such differences include, but are not limited to: risks related to the effectiveness of the restructuring and strategic activities completed during and subsequent to the Company’s Chapter 11 process and any additional strategies that the Company may employ to address its business including its liquidity and capital resources; the Company’s ability to attract, motivate and retain key personnel and effectively manage succession; success, or lack thereof, in formulating or executing our internal strategies and operating plans; cost reduction initiatives and revenue enhancement strategies; changes in demand for our retail clothing or rental products, including changes in apparel trends and changing consumer preferences; market trends in the retail or rental business; customer confidence and spending patterns; changes in traffic trends in our stores and in customer preferences in the omnichannel experience; customer acceptance of our merchandise strategies, including custom clothing and polished casual attire; performance issues with key suppliers; disruptions in our supply chain; trade relations; severe weather; regional or national civil unrest or acts of civil disobedience; public health crises, including COVID-19; foreign currency fluctuations; and government export and import policies, including the enactment of duties or tariffs.