Tailored Brands gets court OK to Houston properties for $12.4 million

By Sarah Lizee

Olympia, Wash., Oct. 23 – Tailored Brands, Inc. obtained court approval to sell two of its surplus distribution centers located in Houston to McCorvey Real Estate Holdings, Ltd. for $12.4 million in cash, according to an order filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas.

“Approval of the proposed sale will enable the debtors to capitalize on a unique opportunity to obtain an above-market price for the properties in a difficult environment for industrial real estate, which will maximize value for the benefit of the debtors and their stakeholders,” the debtors’ motion said.

The properties were marketed for several months, and the debtors received 14 offers to purchase the properties.

Tailored Brands is a Fremont, Calif.-based specialty retailer of men’s tailored clothing. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33900.

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