S&P cuts Tailored Brands

S&P said it dropped its issue-level rating on Tailored Brands Inc.’s senior secured debt to D from CC after the company filed a voluntary prearranged Chapter 11 bankruptcy.

“We believe the company’s prospects have significantly deteriorated because of the impact of Covid-19 on stores and changing shopping behavior, particularly for men’s business apparel, which we expect will have lingering long-term effects. We expect to withdraw all our ratings on the company after 30 days,” S&P said in a press release.

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