MACY’S AND TAILORED BRANDS TO WIND DOWN TUX RENTAL PARTNERSHIP
Macy’s, Inc. and Tailored Brands, Inc. has announced their joint plan to wind down operations under the tuxedo rental license agreement Macy’s had established with Men’s Wearhouse on June 9, 2015.
The Tuxedo Shops at Macy’s will continue to take new reservations until June 1, with operations winding down by July 14. 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.
“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,” added Doug Ewert, CEO of Tailored Brands. “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 partnership.”
