Attached files
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8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - TAILORED BRANDS INC | a13-17023_18k.htm |
Exhibit 99.1
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News Release |
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Contact: |
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Jon Kimmins, CFO |
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(510) 723-8639 |
For Immediate Release |
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Ken Dennard |
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Dennard · Lascar Associates |
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(832) 594-4004 |
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ken@dennardlascar.com |
MENS WEARHOUSE ANNOUNCES
$100 MILLION ACCELERATED SHARE REPURCHASE
FREMONT, CA July 22, 2013 The Mens Wearhouse (NYSE: MW) (the Company) today announced that after market close on July 22, 2013, it entered into an agreement with JPMorgan Chase Bank, NA, to repurchase $100 million of the Companys common shares under an accelerated share repurchase program. Mens Wearhouse will acquire these common shares under its $200 million share repurchase authorization announced on March 13, 2013.
At the inception of the accelerated share repurchase program, Mens Wearhouse will receive approximately 2,197,000 common shares, which is approximately 85% of the number of shares expected to be repurchased in connection with this transaction. The specific final number of shares to be repurchased will generally be based on the volume-weighted average share price of the Companys shares during the calculation period of the accelerated share repurchase program. The accelerated share repurchase program is expected to be completed not later than the fourth quarter of 2013. All shares repurchased under the accelerated share repurchase program will be retired. The Company expects to finance this accelerated share repurchase program with cash on hand and/or proceeds from its existing credit facility.
Doug Ewert, President and Chief Executive Officer at Mens Wearhouse, stated, This accelerated share repurchase demonstrates our commitment to delivering increased value to shareholders while continuing to invest in the important opportunities that will drive our long-term growth, as reinforced by last weeks definitive agreement to acquire the exclusive American clothing brand, Joseph Abboud®.
We believe that the combination of this accelerated share repurchase, the reuniting of Joseph Abboud with his iconic brand, and our ongoing process evaluating alternatives for K&G, are significant 2013 strategic actions that better position us for growth and will unlock significant value for our shareholders, concluded Ewert.
About Mens Wearhouse
Founded in 1973, Mens Wearhouse is one of North Americas largest specialty retailers of mens apparel with 1,141 stores. The Mens Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Mens Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of womens apparel. Tuxedo rentals are available in the Mens Wearhouse, Moores and Mens Wearhouse and Tux stores. Additionally, Mens Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.
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 February 2, 2013. For additional information on Mens Wearhouse, please visit the Companys websites at www.menswearhouse.com, www.mooresclothing.com, www.kgstores.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk.
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