CINCINNATI & FREMONT, Calif.–(BUSINESS WIRE)–Macy’s, Inc. (NYSE:M) and Tailored Brands, Inc. (NYSE:TLRD) today
announced their joint plan to wind down operations under the tuxedo
rental license agreement Macy’s, Inc. had established with Men’s
Wearhouse on June 9, 2015.
“Macy’s is always looking for new partnerships that benefit both
parties, as well as our customers, and we are grateful to have had the
opportunity to collaborate with Tailored Brands. While the partnership
did not produce the level of sales we expected, we will continue to
benefit from the insights we gathered,” said Tim Baxter, chief
merchandising officer at Macy’s, Inc. “Both Macy’s and Tailored Brands
remain committed to putting our customers first, and we plan to fulfill
customer orders and ensure a positive customer experience as we wind
down the shops.”
“Innovating new business models is an important catalyst for long-term
growth and we saw the partnership with Macy’s as an opportune way to
expand our leadership in the tuxedo rental market,” said Tailored
Brands’ CEO Doug Ewert. “Unfortunately, the initiative did not generate
the revenue that both companies had envisioned. We believe it is in the
best interest of our company and our shareholders to wind down the
The Tuxedo Shops at Macy’s will continue to take new reservations until
June 1, 2017, with operations winding down by July 14, 2017. All
customers with outstanding rentals after this period will be contacted
and offered the option of transferring their reservation to a nearby
Men’s Wearhouse or Jos. A. Bank store to ensure complete customer
satisfaction for all events. Customers with questions about reservations
may contact the customer service team at 844-MCYSTUX or 844-629-7889, or
via email at ClientServices@tuxedo.macys.com.
About Macy’s, Inc.
Macy’s, Inc. is one of the nation’s premier retailers. With fiscal 2016
sales of $25.778 billion and approximately 140,000 employees, the
company operates more than 700 department stores under the nameplates
Macy’s and Bloomingdale’s, and approximately 125 specialty stores that
include Bloomingdale’s The Outlet, Bluemercury and Macy’s Backstage.
Macy’s, Inc. operates stores in 45 states, the District of Columbia,
Guam and Puerto Rico, as well as macys.com, bloomingdales.com and
bluemercury.com. Bloomingdale’s stores in Dubai and Kuwait are operated
by Al Tayer Group LLC under license agreements. Macy’s, Inc. has
corporate offices in Cincinnati, Ohio, and New York, New York.
(NOTE: Additional information on Macy’s, Inc., including past news
releases, is available at www.macysinc.com/pressroom)
About Tailored Brands, Inc.
Tailored Brands, Inc. is a leading authority on helping men dress for
work, special occasions and everyday life. We serve our customers
through an expansive omni-channel network that includes over 1,600
locations in the U.S. and Canada as well as our branded e-commerce
websites. Our brands include Men’s Wearhouse, Jos. A. Bank, Joseph
Abboud, Moores Clothing for Men and K&G. We also operate an
international corporate apparel and workwear group consisting of
Dimensions, Alexandra and Yaffy in the United Kingdom and Twin Hill in
the United States.
For additional information on Tailored Brands, please visit the
company’s websites at www.tailoredbrands.com,
For Macy’s, Inc.
For Tailored Brands, Inc.