Tailored Brands recently announced closing the sale of the Joseph Abboud trademarks to WHP Global for $115 million. In conjunction with this transaction, it entered into a licensing agreement with WHP for the exclusive rights to sell and rent Joseph Abboud branded apparel and related merchandise in the United States and Canada, the firm said in a statement.

The omni-channel specialty retailer of menswear plans to use the proceeds from the transaction for debt repayment, which will strengthen its balance sheet and provide additional financial flexibility to invest in its customer-facing transformation strategies.

Brands owned by Tailored Brands include Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G.

WHP Global is focused on the future of brand management. The New York-based firm specialises in acquiring global consumer brands and strategically investing in high-growth distribution channels and global digital commerce platforms, in addition to introducing new product categories that are relevant to today's consumer.

Fibre2Fashion News Desk (DS)

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