Tailored Brands has named Brandy Richardson its chief financial officer, effective Nov. 8.
The men’s tailored clothing retailer has kept a low profile since its chief executive officer, Dinesh Lahti, and chief merchant, Carrie Ask, left the firm in March, three months after it emerged from bankruptcy. The company brought veteran Peter Sachse on board as interim co-CEO at that time, sharing those duties with former Lowe’s CFO Bob Hull. John Tighe, who had worked for J.C. Penney Co. Inc. and Peerless Clothing, was brought on board as chief customer officer.
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Richardson has more than 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 CFO of Neiman Marcus Group, where she played a pivotal role in the company’s Chapter 11 restructuring and helped refinance the exit debt facilities. At Tailored Brands, she will serve on the company’s executive committee and have responsibility 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, 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. Our leadership team and board of directors are confident that her forward-thinking leadership is the right fit at the right time.”
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.”
Prior to joining Neiman Marcus Group, Richardson was with Cardinal Health, a medical equipment manufacturer, and Ernst & Young LLP.
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.