Tailored Brands Closes the Sale of the Joseph Abboud Trademarks to WHP Global for $115 Million
March 05 2020 - 6:45AM
Business Wire
Tailored Brands, Inc. (NYSE: TLRD) 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.
About WHP Global
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. For more
information, visit www.whp-global.com
About Tailored Brands, Inc.
Tailored Brands is a leading 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.
For additional information on Tailored Brands, please visit the
Company’s websites at www.tailoredbrands.com,
www.menswearhouse.com, www.josbank.com, www.mooresclothing.com, and
www.kgstores.com.
This press release contains forward-looking information,
including the Company’s statements regarding its plans to apply the
proceeds of the sale towards debt repayment. In addition, words
such as “expects,” “anticipates,” “envisions,” “targets,” “goals,”
“projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,”
“guidance,” “may,” “projections,” and “business outlook,”
variations of such words and similar expressions are intended to
identify such forward-looking statements. The forward-looking
statements are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. Any
forward-looking statements that we make herein are not guarantees
of future performance and actual results may differ materially from
those in such forward-looking statements as a result of various
factors. Factors that might cause or contribute to such differences
include, but are not limited to: actions or inactions by
governmental entities; domestic and international macro-economic
conditions; inflation or deflation; the loss of, or changes in, key
employees; success, or lack thereof, in formulating or executing
our internal strategies and operating plans including new store and
new market expansion plans; cost reduction initiatives and revenue
enhancement strategies; changes to our capital allocation policy;
changes in demand for our retail clothing or rental products;
market trends in the retail or rental business; customer confidence
and spending patterns; changes in traffic trends in our stores;
customer acceptance of our merchandise strategies, including custom
clothing; performance issues with key suppliers; disruptions in our
supply chain; severe weather; public health crises, including the
recent coronavirus outbreak; foreign currency fluctuations;
government export and import policies, including the enactment of
duties or tariffs; advertising or marketing activities of
competitors; the impact of cybersecurity threats or data breaches;
legal proceedings and the impact of climate change.
Forward-looking statements are intended to convey the Company’s
expectations about the future, and speak only as of the date they
are made. We undertake no obligation to publicly update or revise
any forward-looking statements that may be made from time to time,
whether as a result of new information, future developments or
otherwise, except as required by applicable law. However, any
further disclosures made on related subjects in our subsequent
reports on Forms 10-K, 10-Q and 8-K should be consulted. This
discussion is provided as permitted by the Private Securities
Litigation Reform Act of 1995, and all written or oral
forward-looking statements that are made by or attributable to us
are expressly qualified in their entirety by the cautionary
statements contained or referenced in this section.
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version on businesswire.com: https://www.businesswire.com/news/home/20200305005137/en/
Investor Relations (281) 776-7575 ir@tailoredbrands.com
Julie MacMedan,
VP, Investor Relations
Tailored Brands, Inc.
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