Men's Wearhouse recently had designs of its own on Allen Edmonds Corp., the high-end mens's shoemaker, but that company has since been snapped up by the private equity firm Brentwood Associates. (BLOOMBERG)
Jos. A. Bank Clothiers is dropping its $2.3 billion offer to acquire Men’s Wearhouse after getting a prolonged cold shoulder.
Jos. A. Bank, however, said it's willing to enter talks if its smaller competitor warms up to the idea in the future. Both men’s clothing chains have multiple locations in metro Atlanta.
In a letter Jos. A. Banks Chairman Robert Wildrick sent to Men’s Wearhouse Chief Executive Officer Douglas Ewert, Wildrick wrote:
“We continue to believe that a transaction between our two companies could be in the best interest of our respective shareholders. If, in the future, we are invited by the MW Board to discuss our acquisition of Men’s Wearhouse, or if circumstances were otherwise to change, Jos. A. Bank may consider whether a new proposal to acquire Men’s Wearhouse is warranted.”
Jos. A. Bank dropped its offer after the two companies failed hold substantive talks by a Nov. 14.
Men's Wearhouse recently had designs of its own on Allen Edmonds Corp., the high-end mens's shoemaker, but that company has since been snapped up by the private equity firm Brentwood Associates.
In June, Men's Wearhouse fired founder and pitchman George Zimmer, the public face of the clothier known for his promise: "You're going to like the way you look. I guarantee it." The company said the board fired Zimmer after he insisted on being the sole decision maker.
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