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8-K - FORM 8-K - TAILORED BRANDS INC | h75149e8vk.htm |
EX-2.1 - EX-2.1 - TAILORED BRANDS INC | h75149exv2w1.htm |
Exhibit 99.1
The Mens Wearhouse, Inc. |
News Release
For Immediate Release
MENS WEARHOUSE EXPANDS ITS
CORPORATE APPAREL OPERATIONS BY ACQUIRING
DIMENSIONS CLOTHING LIMITED AND ALEXANDRA PLC
CORPORATE APPAREL OPERATIONS BY ACQUIRING
DIMENSIONS CLOTHING LIMITED AND ALEXANDRA PLC
COMBINED UK-BASED ENTITY EXPECTED TO BE ACCRETIVE TO EARNINGS IN FY2010 EXCLUDING
TRANSACTION AND INTEGRATION EXPENSES
TRANSACTION AND INTEGRATION EXPENSES
FY2011 REVENUE EXPECTED TO BE APPROXIMATELY
£130 MILLION AND ACCRETIVE TO EARNINGS
£130 MILLION AND ACCRETIVE TO EARNINGS
HOUSTON August 6, 2010 Mens Wearhouse (NYSE: MW) announced that it has acquired
Dimensions Clothing Limited (Dimensions) and certain assets of Alexandra, plc, two leading
providers of corporate clothing uniforms and workwear in the United Kingdom, for a total cash
consideration of approximately £61 million.
The combined businesses are organized into a UK-based holding company, of which Mens Wearhouse
will control 86% and certain existing shareholders of Dimensions will control 14%. The acquisition
is expected to be accretive to earnings excluding transaction and integration expenses in FY2010.
Projected annualized FY2011 revenue of the combined businesses is expected to be approximately £130
million, and earnings are also expected to be accretive. No other terms were disclosed.
George Zimmer, Mens Wearhouse Founder, Chairman and Chief Executive Officer, stated, We are
excited to expand our corporate apparel operations by acquiring Dimensions and the assets of
Alexandra. These transactions give Mens Wearhouse a strong market position in UK corporate
apparel.
Operationally, Dimensions management will join our organization. Like Mens Wearhouse,
Dimensions management team has built an organization dedicated to servicing their customers. Over
the past five years, the Dimensions organization has grown and developed a world class customer
base, including several of the United Kingdoms largest food and non-food retailers. The Alexandra
brand has a 50-year legacy in workwear solutions to businesses of all sizes, and is a well known
brand. Additionally, our new UK organization has strong sourcing operations in Asia and Eastern
Europe and will service clients from multiple distribution facilities, concluded Zimmer.
The Company has scheduled an analyst meeting in New York City to review this transaction. The
Mens Wearhouse Corporate Apparel Analyst Day, to be held Tuesday, August 17, 2010, is by
invitation only. Please contact Ken Dennard at DRG&E for more details at (713) 529-6600 or at
ksd@drg-e.com.
All currency-related figures in this release are expressed in British Pounds Sterling (GBP) and not
in US Dollars (USD).
Founded in 1973, Mens Wearhouse is one of North Americas largest specialty retailers of mens
apparel with 1,239 stores. The Mens Wearhouse, Moores and K&G stores carry a full selection of
designer, brand name and private label suits, sport coats, furnishings and accessories and Mens
Wearhouse and Tux stores carry a limited selection. Tuxedo rentals are available in the Mens
Wearhouse, Moores and Mens Wearhouse and Tux stores.
This press release contains forward-looking information. The forward-looking statements are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be significantly impacted by various factors, including
sensitivity to economic conditions and consumer confidence, possibility of limited ability to
expand Mens Wearhouse stores, possibility that certain of our expansion strategies may present
greater risks, changes in foreign currency rates and other factors described in the Companys
annual report on Form 10-K for the fiscal year ended January 30, 2010 and Form 10-Q for the quarter
ended May 1, 2010.
For additional information on Mens Wearhouse, please visit the companys website at
www.menswearhouse.com. Dimensions website is www.dimensions.co.uk.
CONTACT: |
Neill Davis, EVP & CFO, Men's Wearhouse (281) 776-7000 | |
Ken Dennard, DRG&E (713) 529-6600 |
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