The list of bankrupt brands continues to grow. Here, a look at what went wrong at the struggling retailers.
If it’s Day One for Amazon, as Jeff Bezos likes to say to underscore the potency of start-up culture, it’s first-day motions in bankruptcy court for an ever-growing list of acquisition-happy retailers.
But they also played in the tricky spaces — with high-profile wheeling and dealing only making their positions trickier. Tailored Brands, which bought Jos. A. Bank for $1.8 billion in 2014, grabbed a bigger portion of the buttoned-up market in an ever more casual world. And Le Tote took on department store retailing extremely late in the game with its $75 million acquisition of Lord & Taylor last year.
In contrast, Amazon, which posted a $5.2 billion profit last quarter, has gained market share in fashion and other sectors largely by pumping up its main service and pushing its operations, suppliers and employees — some argue too hard — to give consumers more, better, faster. “We are in the midst of a retail forest fire,” Portell said. “And forest fires are incredibly devastating, but they’re necessary to create new growth.
Even so, Tailored Brands is pushing on and sees a niche. The company went to court with commitments for $500 million in debtor-in-possession financing from its existing revolving credit facility lenders and a prearranged financial restructuring plan that is expected to reduce its $1.4 billion debt by at least $630 million.
Tailored Brands never seemed to stabilize after the deal to buy Jos. A. Bank, a back-and-forth takeover battle that left the company with a significant debt load and the project of trying to change the very promotional business, which went as far as to have a “buy one, get seven free” offer. “Tailored Brands’ bankruptcy lifts the [year-to-date] default volume to $50 billion,” said Eric Rosenthal, senior director of debt rating agency Fitch. “Retail accounts for 20 percent of the [year-to-date] defaults, the most for any sector.”Outside the Lord & Taylor in Garden City, N.Y. George Chinsee
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