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Men's Wearhouse to buy Jos. A Bank | Business

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Men's Wearhouse to buy Jos. A Bank
Men's Wearhouse to buy Jos. A Bank

Ed Brackett, USA TODAY

The Men's Wearhouse will buy Jos. A. Bank Clothiers for $1.8 billion, the companies said in a news release Tuesday

Boards of directors of the companies have unanimously approved the transaction.

Men's Wearhouse and Jos. A. Bank combined will have more than 1,700 stores in the U.S., with about 23,000 employees, according to a PRNewswire release posted on both companies' websites.

"We are excited by the opportunities this transaction presents," said Men's Wearhouse CEO Doug Ewert, "and are confident that our combined best-in-class offerings for our valued customers will drive significant shareholder value."

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