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Wednesday, Oct 9
Jos. A. Bank Clothiers seeks merger with Men's Wearhouse
- Jos. A. Bank Clothiers (JOSB) has reportedly approached Men's Wearhouse (MW) about a merger in a deal that could help the retailers reduce expenses and strengthen themselves in a difficult sales environment.
- With a market cap of $1.17B and over 600 stores, Jos. A. Bank is smaller than Men's Wearhouse, which is worth $1.68B and operates 1,137 outlets.
- Jos. A. Bank's move follows declining Q2 sales for both companies and a recent boardroom spat at Men's Wearhouse that led to the ouster of founder and Chairman George Zimmer.