FREMONT, Calif. — March 5, 2020 — Tailored Brands Inc. today announced that it has closed the sale of the Joseph Abboud trademarks to WHP Global for $115 million. In conjunction with this transaction, Tailored Brands entered into a licensing agreement with WHP for the exclusive rights to sell and rent Joseph Abboud branded apparel and related merchandise in the U.S. and Canada.
As previously announced, the company plans to use the proceeds from the transaction for debt repayment, which will strengthen our balance sheet and provide additional financial flexibility to invest in our customer-facing transformation strategies.
WHP Global is focused on the future of brand management. The New York-based firm specializes in acquiring global consumer brands and strategically investing in high-growth distribution channels and global digital commerce platforms, in addition to introducing new product categories that are relevant to today’s consumer.
Tailored Brands is a omni-channel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. We help our customers look and feel their best by delivering personalized products and services through our convenient network of stores and e-commerce sites. Our brands include Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G.
Posted March 6, 2020
Source: Tailored Brands Inc.