Jos. A. Bank Clothiers Inc. is buying Bellevue-based Eddie Bauer in a cash-and-stock deal valued at $825 million.
The men’s clothing company, which itself is being pursued by Men’s Wearhouse, made the deal to buy Everest Holdings, Eddie Bauer’s parent company.
Eddie Bauer, founded in Seattle in 1920, has about 370 stores in the U.S. and Canada. It had about 500 headquarters employees as of June 2012, when it named Michael Egeck as president.
The outdoor clothing retailer was acquired out of bankruptcy five years ago by investors led by San Francisco private equity firm Golden Gate Capital.
- Seahawks agree to contract extension with quarterback Russell Wilson
- Surviving Seattle’s sidewalks: Pedestrian rage rises as the population grows
- Dustin Ackley trade symbolizes continuing dark days of Mariners
- Shell icebreaker begins journey after protesters removed from Portland bridge
- Haggen cuts worker hours in Seattle area
Most Read Stories
Golden Gate last fall backed the bid by Jos. A. Bank to buy Men’s Wearhouse, the Wall Street Journal reported. The latter retailer turned around and proposed buying Jos. A. Bank, but that offer has been rejected.
Jos. A. Bank said Friday that the transaction includes $564 million in cash and about 4.7 million new shares of Jos. A. Bank stock issued to Everest Topco at $56 per share.
Eddie Bauer’s current owner group may also earn up to an additional $50 million in cash based on Eddie Bauer’s adjusted earnings for fiscal 2014.
Jos. A. Bank may end the deal if it receives an acquisition offer for its company that it feels is superior.
Information from Seattle Times archives is included in this report.