NEW YORK — S&K Famous Brands said Friday that it has hired Alvarez and Marsal LLC to help it enact a new strategic plan which will include fewer stores, less dependence on tailored clothing and a lower headcount.
As part of the change, the Richmond, Va.-based men’s specialty chain has eliminated 50 full-time positions in its corporate office, cutting overhead by about $3.3 million a year.
S&K currently operates 219 stores in 26 states but intends to “move aggressively to pursue early lease terminations in locations that no longer positively represent its brand strategy or do not generate an adequate financial return,” the company said in a statement. A new store design, already rolled out in three locations, will be unveiled at two more in the coming weeks.
The company will also tweak its merchandise assortment to better reflect the needs of what it termed “contemporary, fashionable and youthful customers.”
Joseph Oliver III, president and CEO, said in a statement, “Our vision is to create a simple and enjoyable shopping experience where customers can buy dressy and casual men’s wear to fit their needs and their budgets. Our transition from your father’s suit store into realizing this vision is being rapidly accelerated. We are committed to investing our resources aggressively into becoming the store with the service and style our customers demand.”
The company said it would “discontinue or reduce inventory of certain tailored clothing lines” but added that suits “will remain a core part of the company’s offering. Dress furnishings, rental formalwear and fashion sportswear lines will be expanded at a faster pace.”