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| Men’s Wearhouse (finally) buys Jos. A. Bank | Men’s Wearhouse (finally) buys Jos. A. Bank |
| (35 minutes later) | |
| The battle in men’s clothing has finally ended. | The battle in men’s clothing has finally ended. |
| Men’s Wearhouse agreed to buy Maryland-based Jos. A. Bank on Tuesday in a deal worth $1.8 billion, ending nearly six months of hostilities between the two retailers. | Men’s Wearhouse agreed to buy Maryland-based Jos. A. Bank on Tuesday in a deal worth $1.8 billion, ending nearly six months of hostilities between the two retailers. |
| The combined company would become the country’s fourth-largest men’s retailer and operate more than 1,700 stores across the country, Men’s Wearhouse and Jos. A. Bank said in a joint statement. Jos. A. Bank’s brand will stay independent, the company said, which means the acquisition will not affect the appearance of its stores. | The combined company would become the country’s fourth-largest men’s retailer and operate more than 1,700 stores across the country, Men’s Wearhouse and Jos. A. Bank said in a joint statement. Jos. A. Bank’s brand will stay independent, the company said, which means the acquisition will not affect the appearance of its stores. |
| Tuesday’s announcement was made a week after the retailers said they were in confidential negotiations about a new deal. Men’s Wearhouse and Jos. A. Bank have been locked ina public skirmish since October. | Tuesday’s announcement was made a week after the retailers said they were in confidential negotiations about a new deal. Men’s Wearhouse and Jos. A. Bank have been locked ina public skirmish since October. |
| Jos. A. Bank launched a hostile takeover of its larger rival last year. A month later, Men’s Wearhouse countered by offering to buy Jos. A. Bank. That offer was rejected by Jos. A. Bank in February for being too low. Meanwhile, Jos. A. Bank acquired outdoor-wear maker Eddie Bauer in a move to block Men’s Wearhouse’s takeover attempts. | Jos. A. Bank launched a hostile takeover of its larger rival last year. A month later, Men’s Wearhouse countered by offering to buy Jos. A. Bank. That offer was rejected by Jos. A. Bank in February for being too low. Meanwhile, Jos. A. Bank acquired outdoor-wear maker Eddie Bauer in a move to block Men’s Wearhouse’s takeover attempts. |
| In response, Men’s Wearhouse upped its bid for Jos. A. Bank, which the company was finally forced to consider. | In response, Men’s Wearhouse upped its bid for Jos. A. Bank, which the company was finally forced to consider. |
| As part of the new deal, Jos. A. Bank will abandon its purchase of Eddie Bauer, the retailer said. | As part of the new deal, Jos. A. Bank will abandon its purchase of Eddie Bauer, the retailer said. |
| Both companies issued civil statements about the deal. | Both companies issued civil statements about the deal. |
| “We are pleased to have reached this agreement with Jos. A. Bank, which we believe will deliver substantial benefits to our respective shareholders, employees and customers,” Doug Ewert, president and chief executive of Men’s Wearhouse, said in a statement. | “We are pleased to have reached this agreement with Jos. A. Bank, which we believe will deliver substantial benefits to our respective shareholders, employees and customers,” Doug Ewert, president and chief executive of Men’s Wearhouse, said in a statement. |
| “We look forward to working together with Men’s Wearhouse to ensure a smooth transition,” Robert Widrick, chairman of the board at Jos. A. Bank, said in a statement. | “We look forward to working together with Men’s Wearhouse to ensure a smooth transition,” Robert Widrick, chairman of the board at Jos. A. Bank, said in a statement. |
| Joseph A. Bank, which was founded in Baltimore in 1905, has more than 600 stores. It has forecast revenue of more than $1 billion during its most recent fiscal year. | Joseph A. Bank, which was founded in Baltimore in 1905, has more than 600 stores. It has forecast revenue of more than $1 billion during its most recent fiscal year. |
| Related: | Related: |
| Jos. A. Bank to buy Eddie Bauer in deal worth $825 million | Jos. A. Bank to buy Eddie Bauer in deal worth $825 million |
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