Once shoppers get used to buy-one-get-one-or-more deals, as they had at Jos. A. Bank Clothiers, they stop coming back when the promotions end. Jos. A. Bank’s parent, Tailored Brands Inc., found that out as it attempted to fold the former Maryland-based retailer into its Men’s Wearhouse portfolio and move away from discounting, perhaps too quickly.
After ending the year with slumping sales and a $1 billion quarterly loss, the company is preparing to close 250 stores, including about 140 Jos. A. Bank locations.