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.