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Men's Wearhouse to buy After Hours Formalwear
20 Nov '06
2 min read
Men's Wearhouse announced that it has signed a definitive agreement with Federated Department Stores Inc and David's Bridal Inc to acquire After Hours Formalwear ("After Hours") for a cash consideration of $100 million, subject to certain adjustments.
After Hours is the largest men's formalwear chain in the U.S. specializing in rental of tuxedos and related furnishings. The transaction is subject to the customary regulatory approvals and is expected to close on or after February 2, 2007. No other terms were disclosed.
George Zimmer, Men's Wearhouse Founder, Chairman and Chief Executive Officer, stated, "We are extremely pleased to announce this acquisition as we execute our strategy to be a market leader in men's tailored clothing categories and related services in North America.”
"We are committed to creating exceptional experiences, choices and convenience for our customers. This acquisition will provide our customers with a broader selection of formalwear and creates a new foundation for growth by driving efficiencies across the combined assets.”
"Combining the Men's Wearhouse and Moores brands' 654 U.S. and Canadian locations, which rented over 1 million tuxedos last year, with After Hours 511 stores we will have 1,165 locations that have an estimated baseline volume of three million tuxedo rental units in North America.
We firmly believe we can integrate the two organizations during 2007 and realize significant benefits for shareholders beginning in 2008 and beyond," concluded Zimmer.
After Hours is the largest men's formalwear chain in the U.S. specializing in rental of tuxedos and related furnishings. The transaction is subject to the customary regulatory approvals and is expected to close on or after February 2, 2007. No other terms were disclosed.
George Zimmer, Men's Wearhouse Founder, Chairman and Chief Executive Officer, stated, "We are extremely pleased to announce this acquisition as we execute our strategy to be a market leader in men's tailored clothing categories and related services in North America.”
"We are committed to creating exceptional experiences, choices and convenience for our customers. This acquisition will provide our customers with a broader selection of formalwear and creates a new foundation for growth by driving efficiencies across the combined assets.”
"Combining the Men's Wearhouse and Moores brands' 654 U.S. and Canadian locations, which rented over 1 million tuxedos last year, with After Hours 511 stores we will have 1,165 locations that have an estimated baseline volume of three million tuxedo rental units in North America.
We firmly believe we can integrate the two organizations during 2007 and realize significant benefits for shareholders beginning in 2008 and beyond," concluded Zimmer.
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