The company has been "trimming expenses and products amid the closures of restaurants, bars, movie theaters and sports stadiums that sell its drinks."
The company's latest streamlining move will enable it to "deliver greater growth and productivity as global markets emerge from the pandemic."
The consumer goods company says it is reshaping itself as a “local-first” organization.
The COVID-19 pandemic has plunged the retailer into a liquidity crisis that "could not be resolved through short-term measures."
The automaker is aiming to trim at least 1,400 positions through voluntary buyouts as it continues to shift to electric and autonomous vehicles.
The company will offer voluntary layoff packages to about 4,000 workers in the U.S. and Canada.
Tailored Brands is the latest of more than 20 private and public retailers to have declared bankruptcy this year.
"The development of COVID-19 into a global pandemic erased any doubt as to whether Noble would be able to avoid bankruptcy,” the offshore rig operator said.
The gas engine maker was “losing money and burdened by large debts when the economic downturn caused by the coronavirus pandemic hit.”
“These restructuring actions will further expedite our transformation to a more efficient, agile, and scalable organization."
NPC International has been dealing with “a perfect storm of problems” including coronavirus-related shutdowns, a massive debt load, and rising costs.
The company is also terminating about 3,500 employees who were furloughed in March.
