U.S. apparel retailer Jos. A. Bank approaches Men's Wearhouse about tie-up: WSJ
(Reuters) - Jos. A. Bank Clothiers Inc (JOSB.O) has approached fellow U.S. apparel retailer Men's Wearhouse Inc (MW.N) about a potential tie up, the Wall Street Journal reported citing people familiar with the matter.
It is not clear what form any such tie-up would take, the newspaper reported. (link.reuters.com/ruw63v)
Jos. A. Bank, with a market capitalization of about $1.17 billion (727.83 million pounds), is smaller than Men's Wearhouse, valued at $1.68 billion.
In June, Jos. A. Bank said it was considering strategic opportunities to enhance shareholder value, including seeking potential acquisitions "to facilitate additional growth.
Jos. A. Bank is a hundred-year-old seller of men's tailored and casual clothing at over 600 stores, according to its website. Men's Wearhouse was founded in 1973 and sells discount suits at its 1,137 stores, according to its website.
The retailers couldn't be reached for comment, the newspaper said. They were not immediately available for comment when contacted by Reuters.
Shares of Jos. A. Bank closed about 2 percent lower at $41.66 on the Nasdaq on Tuesday. Shares of Men's Wearhouse were less than half a percent lower at $35.24 on the New York Stock Exchange.
(Reporting by Sakthi Prasad in Bangalore; Editing by Christopher Cushing)
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