Tailored Brands to suspend quarterly cash dividend, redeploy capital
Tailored Brands said: "After extensive review, the Board of Directors approved an update to the Company's capital allocation policy. Effective in the fourth quarter, the Company's quarterly cash dividend will be suspended and redeployed for accelerated debt repayment and share repurchases. This does not impact the previously approved quarterly cash dividend of 18C per share payable on September 27, to shareholders of record at the close of business on September 17, 2019. Suspending the quarterly cash dividend of 18C per share is expected to make available approximately $36.5m on an annualized basis. The Company has $48m available for share repurchases under its previously authorized 2013 share repurchase program."