Men's Wearhouse Closes Purchase of Jos A Bank

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    SAN FRANCISCO, CA - OCTOBER 09: A shirt and tie are displayed at a Jos. A. Bank retail store on October 9, 2013 in San Francisco, California. Men's clothing retailer Jos. A. Bank has made an unsolicited offer to purchase rival Men's Wearhouse for $2.3 billion that was ultimately rejected. (Photo by Justin Sullivan/Getty Images)

    The Men's Wearhouse fight to own its one-time rival Jos. A. Bank is now complete.

    The announcement Wednesday brings to a close a series of dueling bids, first from Jos. A. Bank to buy Men's Wearhouse, and then vice versa.

    After a string of bids that grew quickly in value, the final price tag to combine the two retailers was $1.8 billion, or $65 per share.

    Industry watchers say that intense competition in the retail space made the tie-up inevitable.

    The first attempt to combine the two companies occurred just months after The Men's Wearhouse Inc. ousted its founder and executive chairman George Zimmer, who promised customers that, "You're going to like the way you look."

    The new company will have about 1,700 stores and $3.5 billion in annual sales.