Men's Wearhouse closes purchase of Jos A Bank

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Associated Press

Posted on June 19, 2014 at 5:02 AM

Updated Thursday, Jun 19 at 5:02 AM

NEW YORK (AP) — The Men's Wearhouse fight to own its one-time rival Jos. A. Bank is now complete.

The announcement Wednesday brings to a close a series of dueling bids, first from Jos. A. Bank to buy Men's Wearhouse, and then vice versa.

After a string of bids that grew quickly in value, the final price tag to combine the two retailers was $1.8 billion, or $65 per share.

Industry watchers say that intense competition in the retail space made the tie-up inevitable.

The first attempt to combine the two companies occurred just months after The Men's Wearhouse Inc. ousted its founder and executive chairman George Zimmer, who promised customers that, "You're going to like the way you look."

The new company will have about 1,700 stores and $3.5 billion in annual sales.

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