Tailored Brands has named Brandy Richardson its chief financial officer.
“Brandy joins us at a time when we are well-positioned to accelerate our business strategies, delivering for our customers and positioning each of our brands — and the teams that support them — for long-term success,” said Hull. “Brandy brings a wealth of knowledge and experience in managing a portfolio of companies, increasing liquidity, improving capital allocation and driving value creation.
Sachse added: “The experience Brandy brings from her roles in strategy and finance will provide a comprehensive perspective as we continue to navigate the ever-changing retail environment and show up strong for our customers in all the moments that matter. We are excited to have Brandy join our leadership team as we determine innovative ways to execute against our strategic priorities and further our success.
Tailored Brands filed Chapter 11 in August of 2020. It emerged from bankruptcy in December with $678 million less in debt, 500 fewer stores, a $430 million asset-based loan facility, a $365 million exit-term loan and $75 million of cash from a new debt facility. However, in early March, the company said it needed an additional $75 million in order to keep operating. Tailored Brands secured that sum — which consists of $50 million of mandatorily convertible notes and $25 million in additional senior secured debt — from Silver Point Capital LP, one of its existing lenders and its largest equity holder.
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