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Men's Wearhouse announces it will buy Jos. A. Bank for US$1.8 billion

NEW YORK--Men's Wearhouse plans to acquire Jos. A. Bank for US$1.8 billion, the companies announced Tuesday, a deal that creates a heavyweight in men's retail and likely concludes a lively takeover saga.

Men's Wearhouse, the larger of the two chains, agreed to pay US$65 per share for Jos. A. Bank, to create a single company with more than 1,700 stores in the U.S. and about 23,000 employees.

The deal will enable US$100-$150 million in cost savings over three years from purchasing efficiencies, streamlined customer service and reduced marketing spending, the companies said in a news release.

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