This could be the next big retailer facing bankruptcy

Published

4 years ago

June 14, 2020

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.

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.”

Goodwin Townsend

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Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.