Men’s Wearhouse is considering filing bankruptcy. So what does that mean for your wedding tuxedo’s or suit purchase. Buzjounals.com reports.
“Houston-based owner of Men’s Wearhouse reportedly considers Chapter 11. Houston-based Tailored Brands Inc. (NYSE: TLRD) is considering ways to rework its debts of more than $1 billion, which could include a Chapter 11 bankruptcy filing, Bloomberg reports”
Normally this doesn’t mean anything to most people but if your having a wedding in the near future and you’ve seen Men’s wearhouse’s advertising on tv you might be thinking of order your wedding tuxedo’s there. They have the advertising dollars and they can drive more customers to their stores than the small local independant Tuxedo Specialist that are out there keeping their doors open waiting to give you better prices and service and products.
So let’s step back a little. Covid 19 has hurt every small business in America and around the world. And it’s not over yet. Retail especially has been very affected. Lululemon just announce yesterday that their business do to Covid 19 is down 17 percent because of store closures.
- “Prachi Singh
Lululemon Athletica Inc., for the first quarter ended May 3, 2020 reported net revenue of 652 million dollars, a decrease of 17 percent compared to the first quarter of fiscal 2019, while on a constant dollar basis, the company’s net revenue decreased 16 percent and direct to consumer net revenue increased 68 percent or increased 70 percent on a constant dollar basis. The company said in a statement that diluted earnings per share were 22 cents compared to 74 cents in the first quarter of fiscal 2019.
Commenting on the first quarter update, Calvin McDonald, the company’s Chief Executive Officer said: “I’m proud of how Lululemon has navigated these unexpected and unprecedented times. Our strong digital business demonstrates the strength of our guest connection and the long-term opportunity to create further omni experiences going forward.”
As a result of the Covid-19 pandemic, the company added, all its stores in North America, Europe, and certain countries in Asia Pacific were closed for a significant portion of the quarter. Subsequent to May 3, 2020, the company began reopening its retail locations in these markets in line with the guidance from local authorities. As of June 10, 2020, 295 of its company-operated stores were open.
Lululemon reported gross profit for the quarter of 334.4 million dollars, a decrease of 21 percent compared to the first quarter of fiscal 2019, while gross margin was 51.3 percent, a decrease of 260 basis points.
The company ended the first quarter with 823 million dollars in cash and cash equivalents and the capacity under its committed revolving credit facility was 398.2 million dollars. The company ended the quarter with 489 stores.”
So it’s not just Men’s Wear house it’s everywhere. Pier One is closing all their stores a long with JC Penny’s. But your not getting your Wedding Tuxedo ’s for one of the biggest days of your life from these retailers. So buyer beware! Or in this case “renters beware” Caveat Emptor the latin term.
Rose Tuxedo like so many other Formal Wear specialist are feeling the same pains as the big box stores and so many other people with jobs. Times are hard and slower but were all in this together and were all doing the best we can. None of us wish anything bad to other big box operators but we have been getting lots of customers because in Phoenix AZ only one Men’s Wearhouse location is open. The signs are still posted on the doors. Closed.
If your having a wedding in the near future and your thinking about reserving Designer Tuxedos or suits for your wedding I would highly recommend a few things.
- Don’t leave a payment even if it’s required. (ya we the tuxedo specialist need to know and reserve your wedding suits but we can wait for payment. We appreciate your business and if it makes you feel more comfortable than we’re more comfortable. Things change and it’s only fair.
- During Covid most Formal Wear specialist have been slower than normal so if you book your tuxedo or suit rentals 2 months or one month before your wedding you should have no problems. We love it when you register way before and get your guys measurements in but these are different times and there is no late fee or rush fee. And if were open 2 months before your big wedding day we should be there one month later.
- Some small local businesses and big businesses got some PPP (that’s a loan from the Federal government) to help pay bills and stay open. Small businesses make up a huge percentage of the business world, it’s not the huge companies like so many think. We need you and hopefully you need us.
Shop local and save and help your economy
That’s what every small business owner hopes for no matter if there is a Global Pandemic or not. Every dollar you spend in a local business stay’s in the economy. The owners pay their rent, the landlord pays his bill, employees go out and buy groceries in the state and pay their bills. It’s kind of like the Adam Smith”Invisible hand theory” This from the “Economictimes”
Description: The phrase invisible hand was introduced by Adam Smith in his book ‘The Wealth of Nations’. He assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest.
He explained that an economy will comparatively work and function well if the government will leave people alone to buy and sell freely among themselves. He suggested that if people were allowed to trade freely, self interested traders present in the market would compete with each other, leading markets towards the positive output with the help of an invisible hand.
Nobody should tell anyone how to spend their money
Please understand I’m not here trying to tell anyone how to spend their money or where to shop. Never. I’m just saying the Wedding industry and Tuxedo retail business is different than just walking into Lululemon and buying a pair of jogging shorts. Your not buying a new mattress. The Wedding business is usually preplanned big time event. Lot’s of moving parts like invitations that go out and reserving wedding event locations, wedding cakes, wedding photography, wedding dresses, DJ’s and very important guest and traveling. Especially right now. Shop carefully and go with your gut and knowledge. Rose Tuxedo is doing wedding tuxedo everyday and our customers are loving the extra safety measures and more. It’s more work but it’s what we do. Wearing mask have become fashionable and eveyone is so nice these days and understanding with social distancing and more. Call us anytime for any questions. 602 957-0089 www.rosetuxedo.com