TIME Retail

Jos. A. Bank is Buying Eddie Bauer in $825 Million Deal

Men's Clothier Offers Recession Sale, Keep Suit For Free If Laid Off
Scott Olson—Getty Images

Bad news for Men's Wearhouse

Men’s clothing retailer Jos. A. Bank said Friday that it’s buying Eddie Bauer’s parent company Friday as a part of an $825 million deal.

This is bad news for Men’s Wearhouse, however, which has been trying to take over of the smaller Jos. A. Bank. In January, Men’s Wearhouse put in a hostile bid of a $1.6 billion cash offer to Joss. A. Bank—which had tried to buy Men’s Wearhouse for $2.3 billion last year. Both bids were rejected, although Men’s Wearhouse said it would come back with more money.

The announcement sent Jos. A. Bank’s shares up 4 percent in pre-market trading.

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