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This could be the next big retailer facing bankruptcy

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This could be the next big retailer facing bankruptcy
That is why Customized Brands (TLRD), which has the Men’s Wearhouse brand, Jos. Banks and K&G, could become the next major American retailers to file for bankruptcy.
“The company has had bankruptcy advisers for several months now. The company is exploring all the options and not 100% they are proposing, but the chances are quite high,” said Reshmi Basu, a retail bankruptcy expert and analyst with Debtwire, which tracks companies the depressed. “There won’t be many requests given the work from home environment.”
A number of national retailers have filed for bankruptcy during the pandemic, including J. Crew, Neiman Marcus and JCPenney. The retail clothing sector has been devastated by the crisis because consumer demand for new clothing has fallen sharply. The gap (GPS) reported a record loss of $ 932 million for the first quarter.
Other companies that face bankruptcy risks include Ascena Retail Group (ASNA), owner of the Lane Bryant clothing chain, Justice, Ann Taylor and Dress Barn, who recently warned there were “substantial doubts” about his ability to stay in business.

The Customized Brand revealed it was at risk of bankruptcy or even shutting down operations due to the Covid-19 crisis in its filing late Wednesday.

“If the effects of the Covid-19 pandemic drag on and we cannot increase liquidity and / or effectively address our debt position, we may be forced to reduce or stop operations and / or seek protection under applicable bankruptcy laws,” the filing the word. The company said it had no comment outside the filing.

The company deferred rental payments for April and May when most of the locations were closed. It is said to have been able to negotiate the suspension of leases for a large number of its shops, with payment at a later date, starting in late 2020 until 2021. It was also on leave or layoffs of 95% of its 19,000 employees.

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But things are not going well in 44% of the Customized Brand stores that reopened in early May. For the week ending June 5, sales at locations opened for at least one week fell 65% at Men’s Wearhouse and down 78% at Jos A. Bank and 40% at K&G.

Sales fell 60% in the fiscal first quarter, which ended May 2. All stores were closed for about half a quarter, and online operations were stopped for two weeks in March. But Tailored Brands has delayed reporting its full results – the Securities and Exchange Commission allows companies to defer reporting during the pandemic.

One reason for this delay is because it considers how much it costs to write down the values ​​of various assets, including the good intentions they carry on their books – a measure of brand value and company reputation. The accusation will be purely an accounting step that does not involve cash, but can increase the cost of borrowing money the company needs to get through a crisis.

The Adjusted Brand had $ 201 million in unrestricted cash on June 5, but that was mainly because it attracted $ 310 million in existing credit lines during the first quarter. All that remains is with only $ 89 million available under the line.

The company has around 1,400 stores in the United States and Canada, with about half of which are named Men’s Wearhouse. It may have to cover a significant percentage of them no matter what happens with reorganization efforts, Basu said.

“This is a company that has the feet needed to turn things around,” he said. “But consumer tastes and demands will change. They will emerge from bankruptcy with a much smaller footprint.”

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Portuguese traveling the world on a minimoto will meet Ramos Horta on Timor – Observer

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Portuguese traveling the world on a minimoto will meet Ramos Horta on Timor – Observer

The young Portuguese, who has been traveling the world on a mini-motorcycle since 2020, will arrive in Timor-Leste on Monday and meet with the country’s president, the motorcyclist said on Wednesday.

With a residence in Oliveira de Azemeis, in the Aveiro region, and starting his journey in Avis, in Portalegre, André Souza left Portugal on July 12, 2020 to try for a world record, and since then he has driven over 55,000 kilometers through 40 countries, always on a Honda Monkey 125 with nine horses and a height of 70 centimeters.

The 26-year-old is currently based in Darwin, Australia, and it was there that he met two United Nations lawyers who, after working for several years in Timor and personal with Jose Ramos Hortarecognized in the Portuguese trip the type of gamble that would have interested the current president of Timor, the 1996 Nobel Peace Prize laureate.

This friendly couple took care of everything, connected us, and now it was agreed with Ramos Horta’s adviser that I would meet with the president on August 23, although without a motorcycle, which leaves Australia only by boat on the 24th and will not be. arrive on time to appear in the photo,” says Andre Souza Luce from Darwin.

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The absence of a car at an official meeting does not prevent the motorcyclist from admitting with satisfaction: “Once I realized that I could drive Timor, it became a dream. I wanted to get to know the country that was a former Portuguese colony, and especially I wanted to get to know Ramos Horta for everything he did for the independence of this land.”

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Initiallypassage through Timor was not planned in the Ride That Monkey project, but became part of the scenario when the direction of the trip had to be changed to get around the fact that in mid-2020 most international borders were still closed or severe mobility restrictions were imposed due to Covid-19.

The idea was to go directly from Europe to Asia, but I had to change the direction of travel and start from America. That is why now, being in Australia and so close to Timor, I decided to go there and through Indonesia before heading to Malaysia and Thailand, ”explains the Portuguese.

Myanmar, India, Pakistan, Iran, Turkey and “some countries in North Africa” ​​are the next destinations, so travel effectively cross “all the continents of the globe” before returning to Portugal scheduled for May or June 2023.

Meanwhile in Darwin, Andre Sousa continues to recover from injuries sustained in his back after he was hit by a truck in California, USA, which left him there for two months. The problem was alleviated with physical therapy and required regular medication, but the pain worsened in Australia after several days of consecutive desert crossings between Cairns and Darwin, covering a total of 2,500 kilometers.

A young Portuguese man traveling the world on a mini-motorcycle is injured in the US.

I had to lie in bed for a week, completely motionless, and now I am accompanied by a chiropractor who has already offered me three consultations for $ 110 each as support for the project,” emphasizes Andre Souza.

The motorcyclist also notes that the trip turned out to be “much more expensive than expected”, due to the difficulties associated with the pandemic and unforeseen health problems. The accident in the United States, for example, involved two months of commercial residence in the Beverly Hills area, where “the simplest hamburger cost at least 10 euros” and, just to transport a motorcycle and driver from Santiago de Chile to Sydney, “the cost was 6000”, in addition to the cost of “a number of documents” that the Australian authorities require when crossing from Darwin to Timor.

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Facing these and other budget changes was only possible thanks to the sponsors of the project and the “donations and support of many different people from all over the world” – as in the case of a Portuguese family that this week welcomes André Sousa to Darwin and 40 subscribers from different countries who donated 50 or 100 euros in exchange for having their name engraved on the minimoto’s fuel tank.

In the next stages of the journey through Asia and Africa, “there will be even more bureaucracy”, but in order to reduce the cost of accommodation and food, the young man will strive to circulate through areas where Portuguese emigrants live what they can get. André Sousa admits that he was welcomed mostly by foreigners, but he does not hide his preference: “I always like to stay with the Portuguese. They do everything they can to help me and make my life easier, and when we’re together, it’s like coming home for a while.”

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″We are not at the time when the Portuguese come here and discover football″

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″We are not at the time when the Portuguese come here and discover football″

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Abel Ferreira has already earned some criticism from Cookie, and now the tone has especially risen after a conference with Atlético Goianiense coach Jorginho.

In Brazil, they continue to discuss Abel’s trip to the locker room in the quarter-final match against Libertadores. Jorginho, the coach of Atlético Goianiense, who has already criticized the Portuguese coach, explained what would happen if the Brazilian team’s technical leader showed the same behavior.

“If a Brazilian coach went into the dressing room to listen to music during a penalty kick, he would be called a coward. But when he wins, nothing happens, everything is right,” he said in press statements.

Jorginho raised his tone and delivered a more general criticism of the Portuguese coach, recalling that football had already been invented in Brazil and that the reigning two-time South American champion had a tougher job ahead of him.

“Abel is a very good coach, period. The question of his abilities is not discussed. It is discussed, especially in this situation, that he did not discover football. football! What happened to Jorge Jesus was extraordinary, what happens to Abel too, but that’s because they have a team like Flamengo and Palmeiras. I want to see him do what he does here at Atlético Goianiense. Come here to become the champion of Brazil,” he explained.

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Francisco J. Marques: “It seems that the evil of Portuguese football is the behavior of the FC Porto bank…” – FC Porto

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Francisco J. Marques: "It seems that the evil of Portuguese football is the behavior of the FC Porto bank..." - FC Porto



Dragons Communications Director Thinks Judges Are Overzealous

Francisco J. Márquez once again criticized the strict actions of the refereeing teams against the FC Porto bank, especially Sergio Conceição, citing as an example what happened in Wiesel compared to what happened in Casa Pia Benfica. The Communications Director of FC Porto considered it an exaggeration how the referees penalize the banks. “The strange thing is what is happening, it seems that the evil of Portuguese football is the behavior of the banks, especially FC Porto. It’s a bit strange that after two days of announcing the new recommendation, this so-called zero tolerance is limited to the Porto FC bench, when in the Casa Pia Benfica game we saw the reaction of the Benfica bench. I think it’s nothing to worry about, it’s normal in any championship, but with zero tolerance for these people should be warned. In the case of a yellow card, Sergio Conceição in Wiesel, the rules were strictly observed because he left the technical area, one can warn with a yellow card, but how many times the coaches leave the technical area “Jorge Jesus played on touch line as if he were a full back I admit that Sergio Conceição left a little technical area but this whole situation does not make sense, let’s hope that common sense will prevail and not force unnatural behavior There are players, coaches and managers who live the game intensively, there are different views on the game, I think that what is happening is a clear exaggeration and this needs to be edit,” Francisco J. Marquez said in an interview with Porto. Channel. .

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