The Men's Wearhouse announced that it has successfully completed its acquisition of JA Apparel Corp ("Joseph Abboud"), the celebrated American clothing brand.
Doug Ewert, President and Chief Executive Officer at Men's Wearhouse said, "We are delighted to have closed on this acquisition promptly and have reunited Joseph Abboud with his iconic brand at Men's Wearhouse.
"This accelerates our strategy of offering exclusive brands with broad appeal at attractive prices. Current and future customers will benefit from authentic American designer clothing, manufactured in the USA, at unparalleled value."
Pursuant to the terms of the Merger Agreement, The Men's Wearhouse acquired JA Holding, Inc., the parent company of Joseph Abboud, in a cash merger transaction for approximately $97.5 million in cash, subject to certain adjustments, and JA Holding, Inc. will continue to operate as a wholly owned subsidiary of The Men's Wearhouse.
J.P. Morgan is serving as financial advisor to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
About Men's Wearhouse
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,141 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel.