NEW YORK (TheStreet) -- Jos. A. Bank Clothiers (JOSB) announced it would buy Everest Holdings, the parent company of Eddie Bauer, in a $825 million cash and stock deal. 

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, is not impressed. He said the original proposed combination of Jos. A. Bank and Men's Wearhouse (MW) "made so much sense." 

But Jos. A. Bank is essentially taking a poison pill approach that it can "spit up" if it wants to with this deal to acquire Everest Holdings, he said. 

Cramer doesn't like the deal because Eddie Bauer is so controversial. He advised investors to go check out the history of the company online to understand why it's a bad deal. 

"I want to sell both Jos. A. Bank and Men's Wearhouse if this deal holds up," he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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