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The parent company of Men’s Wearhouse and Jos. A. Bank filed for Chapter 11 bankruptcy Sunday in hopes of alleviating $630 million debt.

Tailored Brands, headquartered in Houston, Tex., announced last month that up to 500 stores could potentially close over time. There are currently 13 Men’s Wearhouse and 12 Jos. A. Bank stores in New Jersey.

The company also operates K&G Fashion Superstore, of which New Jersey has five; and Moores Clothing for Men, which is based in Canada.

“As evidenced by the positive results we saw in January and February, we have made significant progress in refining our assortments, strengthening our omni-channel offering and evolving our marketing channel and creative mix. However, the unprecedented impact of COVID-19 requires us to further adapt and evolve,” said Tailored Brands President and CEO Dinesh Lathi in a prepared statement. “Reaching an agreement with our lenders represents a critical milestone toward our goal of becoming a stronger Company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment.”

Implementing the financial restructuring will allow Tailored Brands to continue its store optimization process to focus on the appropriate areas to position the business for the future, according to an announcement.