The parent company that owns Hampstead-based Jos. A. Bank has decided to close around 250 stores this year, citing weak sales.
A press release from Tailored Brands, Inc. said the company will close 80 to 90 full-line Jos. A. Bank stores, all 49 Jos. A. Bank and Men’s Wearhouse outlet stores, and between 100 and 110 MW Tux stores.
Doug Ewert, Tailored Brands chief executive officer stated, "While our fourth quarter and full year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results. Our transition away from unsustainable promotions has proven significantly more difficult and expensive than we expected,” Doug Ewert, Tailored Brands chief executive officer, said in a statement. “We do, however, remain confident that Jos. A. Bank offers a longer-term opportunity to profitably grow market share in the menswear business.”
There are at least 13 stores in the Baltimore area. The company hasn't said which stores will close.