By  on March 19, 2020

Destination XL Group turned a corner at the end of fiscal 2019, moving back into the black in the fourth quarter ended Feb. 1, 2020. But that was before the world was turned on its head by the coronavirus. With all of its stores shuttered since Tuesday, the Canton, Mass.-based men’s big and tall retailer is taking drastic steps to preserve its liquidity, including canceling spring orders and asking landlords for rent relief.

“As of today, we have canceled over $55 million of [orders] for the balance of the next couple of months and have the opportunity to address a meaningful portion of fall as well,” chief executive officer Harvey Kanter said on a conference call Thursday morning. “If our downside scenario is too great and business returns quicker than we expect, we believe we will have plenty of opportunity to chase goods” and the company has chosen this scenario to being “over-inventoried.”

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