Anthony Sapienza, President and CEO at JA Holding said, "We are proud of the progress that we have made during our nine-year partnership with J.W. Childs in building Joseph Abboud into a modern, sophisticated menswear and lifestyle brand. We look forward to continued growth in the brand at Men's Wearhouse."
Mr. Ewert added, "We believe this transaction will enhance shareholder value. After integration, we expect the addition of the Joseph Abboud exclusive brand to enhance our margins and profitability and become accretive to our earnings in fiscal year 2014."
Men's Wearhouse remains committed to its
share repurchase program, as previously announced in March 2013. The Company expects to finance this acquisition and its share repurchase program with cash on hand and/or proceeds from its existing credit facility.
J.P. Morgan Securities LLC is serving as financial advisor to Men's Wearhouse, and
Willkie Farr & Gallagher LLP
is serving as legal advisor. Kaye Scholer LLP is serving as legal advisor to JA Holding and North Point Advisors is serving as financial advisor.
About Men's Wearhouse
Founded in 1973, Men's Wearhouse is one of
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. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in
the United States
and Dimensions, Alexandra and Yaffy in the United Kingdom.
About Joseph Abboud
Joseph Abboud is a modern, sophisticated menswear and lifestyle destination embracing a redefined and authentic point-of-view that speaks to the new American man. With tailored clothing expertly crafted in
the United States
with the finest fabrics, Joseph Abboud epitomizes innovative design, superior fit and a distinct style, thoughtfully outfitting men through for every facet of their life. Applying a designer eye to an artful masculinity, Joseph Abboud is the ultimate source for foundation pieces, accentuated by on-trend details. The Company has seamlessly evolved from suiting and sportswear to encompass a wide array of product offerings that enrich every aspect of a man's life, including accessories, luggage, footwear, eyewear and home furnishings. JA Apparel Corp brand names include Joseph Abboud, JOE Joseph Abboud, Joseph Abboud BOYS and
Joseph Abboud Home
. Joseph Abboud branded products are available in fine department stores and specialty stores throughout
the United States
, and more than fifty countries worldwide.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks, changes in foreign currency rates and other factors described in the Company's annual report on Form 10-K for the fiscal year ended February 2, 2013. For additional information on Men's Wearhouse, please visit the Company's websites at
Contact: Jon Kimmins, CFO(510) 723-8639
Dennard - Lascar Associates(832) 594-4004 firstname.lastname@example.org
SOURCE Men's Wearhouse