Fremont, Calif. -- The Men's Wearhouse has completed its acquisition of one-time-rival Jos. A. Bank Clothiers. The combined company has more than 1,700 stores, approximately 26,000 employees and sales of $3.5 billion on a pro forma basis.
The final price tag to combine the two retailers was $1.8 billion, or $65 per share.
"We are thrilled to have closed on the acquisition of Jos. A. Bank and are eager to begin the integration process with their talented employees to create a truly great company for all of our stakeholders,” said Doug Ewert, president and CEO of Men's Wearhouse. "Looking forward, our strong balance sheet provides operational flexibility to successfully execute strategic plans at both brands. We continue to expect this acquisition to be accretive to our earnings in the first full year of operations as well as to achieve $100 million to $150 million of run-rate synergies by the end of fiscal 2016.”
Following the merger, Jos. A. Bank shares will cease to be traded on the Nasdaq Global Market.