TLRD Tailored Brands Inc

Men's Wearhouse Inc. said Friday that it will move to a holding-company structure under the new name Tailored Brands Inc.

Men's Wearhouse shareholders will swap their shares one-for-one to the new company, which will trade on the New York Stock Exchange under the symbol "TLRD." The change goes into effect Feb. 1.

Chief Executive Doug Ewert said the new structure "will allow us to support, nurture and augment our family of brands as we further leverage our shared services platform."

The company's leadership will remain the same.

Men's Wearhouse has been struggling with tepid sales and debt since buying rival Jos. A. Bank in 2014. In December, the company said it would review long-term plans and consider paying down its debt earlier as it warned holiday-season profit could miss expectations.

Men's Wearhouse said it would also provide an update on its fourth quarter on Feb. 16.

Shares of Men's Wearhouse have been pummeled in recent months since it ended Jos. A. Bank's long-running buy-one-get-three sales promotion.

The stock, inactive premarket, is down 67% in the past three months.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 29, 2016 08:15 ET (13:15 GMT)

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