Tailored Brands enlists Richardson from Neiman for CFO role – WWD

Tailored Brands has appointed Brandy Richardson Chief Financial Officer, effective November 8.

The tailored men’s clothing retailer has kept a low profile since its managing director, Dinesh Lahti, and chief trader, Carrie Ask, left the company in March, three months after it emerged from bankruptcy. The company recruited veteran Peter Sachse as interim co-CEO at the time, sharing the role with former Lowe’s CFO Bob Hull. John Tighe, who had worked for JC Penney Co. Inc. and Peerless Clothing, was recruited as Customer Manager.

Richardson has over 20 years of experience in finance, business transformation, strategic planning and execution, capital allocation and investor relations. She most recently served as Executive Vice President and Chief Financial Officer of the Neiman Marcus Group, where she played a central role in the restructuring of the company under Chapter 11 and helped refinance the debt exit facilities. . At Tailored Brands, she will serve on the company’s executive committee and be responsible for all aspects of finance as well as real estate and loss prevention.

“Brandy joins us at a time when we are well positioned to accelerate our business strategies, deliver to our customers and position 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 creating value. Our management team and board of directors believe their forward-thinking leadership is the right person at the right time. “

Sachse added, “The experience Brandy brings from his roles in Strategy and Finance will provide a comprehensive perspective as we continue to navigate the ever-changing retail environment and we will show strength for our customers across the board. the moments that matter. We are excited to have Brandy join our leadership team as we identify innovative ways to execute our strategic priorities and continue to be successful. “

Prior to joining the Neiman Marcus Group, Richardson worked at Cardinal Health, a manufacturer of medical equipment, and Ernst & Young LLP.

Tailored Brands filed Chapter 11 in August 2020. It emerged from bankruptcy in December with $ 678 million less debt, 500 fewer stores, a $ 430 million asset loan facility, a term loan $ 365 million and $ 75 million in cash from a new loan facility.

However, in early March, the company said it needed an additional $ 75 million to keep operating. Tailored Brands got the money – which consists of $ 50 million in mandatory convertible notes and $ 25 million in additional senior secured debt – from Silver Point Capital LP, one of its existing lenders and its largest shareholder.

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