After Hours Formalwear
| Company type | Public |
|---|---|
| Industry | Retail (men's apparel) |
| Founded | 1973 |
| Founder | George Zimmer |
| Headquarters | Houston, Texas , United States |
Area served | United States, Canada |
Key people | Douglas Ewert (CEO) |
| Products | Men's apparel and formalwear, tuxedo rentals |
Overview
Tailored Brands, Inc. functions as a retail holding entity in the United States, overseeing several men's apparel chains such as Men's Wearhouse and Jos. A. Bank. The corporate headquarters is situated in Houston, Texas, complemented by additional administrative offices located in Dublin, California and New York, New York.
The company manages a portfolio that includes Men's Wearhouse, K&G Superstores—an off-price retail chain—Moores Clothing for Men, which operates across Canada, and Jos. A. Bank. In 2013, the organization expanded its brand offerings by acquiring Joseph Abboud, a well-known American designer label.
1946–2008: After Hours Formalwear
After Hours Formalwear was a menswear retailer specializing in tuxedo and formal attire rentals. Initially established as Mitchell's Formalwear in 1946, the brand evolved through acquisitions, including the late 1990s purchases of Small's and Tuxedo World by Mitchell's, along with additional U.S.-based chains absorbed over time.
In 2001, After Hours became part of May Department Stores, and following May's acquisition by Federated Department Stores in 2005, it operated more than 450 locations across 31 states and the District of Columbia. During this period, After Hours Formalwear was merged with David's Bridal, coordinating inventory closely with that division.
On November 17, 2006, Men's Wearhouse acquired After Hours Formalwear, while Leonard Green & Partners took ownership of David's Bridal and its affiliate Priscilla of Boston. The chain was initially rebranded as MW Tux for approximately one year before transitioning to Men's Wearhouse & Tux. By late 2008, the MW Tux brand was fully integrated into the Men's Wearhouse identity, ending its existence as a separate brand.
1973–2016: Men's Wearhouse
Founded in 1973 by George Zimmer, Men's Wearhouse served as the foundation for Tailored Brands. Starting as a single retail outlet focused on men's apparel, the company expanded to 100 stores by its 1992 initial public offering, which raised $13 million. Under Zimmer’s leadership, Men's Wearhouse pursued growth through acquiring competitors, including the purchase and subsequent liquidation of the bankrupt Kuppenheimer chain in 1997.
The company became well known for advertising campaigns featuring Zimmer himself and the memorable slogan, "You're going to like the way you look; I guarantee it." Business Week described the brand’s target market as everyday men seeking low-maintenance wardrobe solutions presented in an accessible retail environment.
On November 17, 2006, Men's Wearhouse acquired After Hours Formalwear from Federated Department Stores, integrating the formalwear rental business into its operations under the MW Tux label before fully merging it into the primary brand. The formalwear division focuses on tuxedo rentals for men and boys attending black-tie occasions.
In 2009, Men's Wearhouse became a prominent sponsor of the United Football League, maintaining sponsorship through 2010. That same year, it expanded its European footprint by acquiring Alexandra plc’s assets during administration and Dimensions Corporatewear.
On June 19, 2013, George Zimmer was dismissed from his role as Executive Chairman for reasons not publicly disclosed at the time. The company later clarified that his departure stemmed from challenges adapting to its status as a publicly traded company with an independent board and his lack of CEO authority for two years. Zimmer had reportedly pushed for major changes aimed at regaining control within the organization.
2013–2014: Jos. A. Bank Acquisition
In October 2013, Men's Wearhouse was presented with a $2.4 billion acquisition proposal from its smaller competitor, Jos. A. Bank.[1] In response, Men's Wearhouse submitted its own bid, igniting a protracted five-month acquisition contest between the two menswear companies. When Jos. A. Bank dismissed the initial counteroffer, Men's Wearhouse declared it would enhance its all-cash proposal provided Jos. A. Bank disclosed limited financial details and agreed to enter negotiations.[2] Seeking to complicate the acquisition process and become too large to be acquired by Men's Wearhouse, Jos. A. Bank consented to purchase the men's outdoor apparel brand Eddie Bauer for $825 million.[3] In retaliation, Men's Wearhouse filed a lawsuit aimed at blocking this acquisition, with Delaware Judge J. Travis Laster expediting the proceedings.[4]
On November 12, 2013, Ricky Sandler, CEO of Eminence Capital LLC, released a letter addressed to Men's Wearhouse CEO Douglas Ewert regarding potential merger discussions with Jos. A. Bank.[5] Shortly thereafter, on November 15, 2013, Joseph A. Bank Clothiers Inc. retracted its all-cash offer of $48 per share to acquire Men's Wearhouse after missing its self-imposed deadline of November 14.[6]
By March 2014, Men's Wearhouse had reached an agreement to purchase Jos. A. Bank for $1.8 billion, contingent upon Jos. A. Bank abandoning its acquisition attempt of Eddie Bauer.[7] The transaction underwent review by the Federal Trade Commission, which concluded in May 2014 that the merger was unlikely to negatively impact consumers; this clearance was necessary for the deal's completion.[8]
2016–present: Tailored Brands
In January 2016, Men's Wearhouse restructured as a holding company and adopted the new ticker symbol TLRD, marking the formation of Tailored Brands, Inc. Due to the financial strain caused by the COVID-19 pandemic combined with a substantial long-term debt of $1.4 billion, Tailored Brands filed for bankruptcy protection on August 2, 2020. This filing followed an earlier announcement that approximately 500 store locations would be shuttered.
- ↑ Men's Wearhouse declined the $2.4 billion offer from Jos. A. Bank in early October 2013.
- ↑ Men's Wearhouse escalated the takeover fight by filing a lawsuit and increasing its bid.
- ↑ Jos. A. Bank announced plans to acquire Eddie Bauer for $825 million in February 2014.
- ↑ The lawsuit compelled Jos. A. Bank to share documents related to the deal and barred it from completing the acquisition without providing Men's Wearhouse ten days' notice.
- ↑ Investor Ricky Sandler expressed openness to merger talks between Men's Wearhouse and Jos. A. Bank.
- ↑ Jos. A. Bank withdrew its bid for Men's Wearhouse following the expiration of its deadline.
- ↑ Men's Wearhouse finalized plans to acquire Jos. A. Bank for $1.8 billion after Jos. A. Bank dropped its Eddie Bauer bid.
- ↑ The FTC approved the merger between Jos. A. Bank and Men's Wearhouse in May 2014.