Tailored Brands Inc., the Houston-based parent company behind Men’s Wearhouse and Jos. A. Bank, will cut 20% of its corporate positions and close up to 500 stores, and a C-level executive is departing.
Jack Calandra, CFO and executive vice president, will leave the company July 31.
His responsibilities are being split between CEO Dinesh Lathi and Holly Etlin, a managing director at AlixPartners who has been appointed to the newly created role of chief restructuring officer. With more than 30 years of restructuring experience and a deep expertise in retail, Etlin has been working closely with the executive team and board of directors as an adviser since late March.
“Jack and I have been discussing a transition and, with a full appreciation of both the challenges to be solved and the opportunities to be realized in the next phase of the company’s journey, we both agree this is the right time for a change,” Lathi said in a statement.