--Shoppers can seize once-in-a-lifetime discounts on men's and
women's designer clothes
After almost 93 years, Loehmann's, the premier upscale off-price
specialty retailer that originated the concept, is going out of business.
The U.S. Bankruptcy Court in Manhattan
approved an order authorizing a joint venture formed by SB Capital Group, LLC,
Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going
Out of Business" sales in each of Loehmann's 39 locations in 11 states and
the District of Columbia. More than $65 million
of current in-season inventory and new arrivals from many of the top designer
names will be liquidated during the sale, which begins tomorrow, January 9.
Men's Wearhouse's Proposal Provides Jos. A. Bank's Shareholders with Substantial Premium and Immediate Liquidity
Combination Would Create the Premier Men's Apparel Retailer with Enhanced Scale and a Broadened Customer Reach
The Men's Wearhouse (NYSE: MW) today announced that it has proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers (Nasdaq: JOSB) common stock for $55.00 per share in cash, representing an implied enterprise value of approximately $1.2 billion.
The Men's Wearhouse proposal represents a 45% premium over Jos. A. Bank's unaffected enterprise value and a 32% premium over Jos. A. Bank's closing share price on October 8, 2013, the day prior to the public announcement of Jos. A. Bank's proposal to acquire Men's Wearhouse. The transaction represents a 9.1x enterprise value to last twelve months ("LTM") Adjusted EBITDA multiple (assuming $133 million of LTM Adjusted EBITDA as of August 3, 2013), a significant premium to Jos. A. Bank's proposal to acquire Men's Wearhouse. Men's Wearhouse intends to finance the transaction with a combination of balance sheet cash and debt financing.