Tailored Brands finalizes 15-million-dollar sale of Joseph Abboud

Less than two months after first announcing its sale of its Joseph Abboud brand, Tailored Brands has closed the sale of the label to WHP Global, for a price of 115 million dollars.

Tailored Brands will use the proceeds from the sale for debt repayment, strengthening its balance sheet and investing in consumer-facing transformations strategies.

WHP Global will now own all trademarks associated with the Joseph Abboud brand, though Tailored Brands will continue to sell its merchandise. In conjunction with the sale, Tailored Brands has entered into a licensing agreement which allows it exclusive rights to sell and rent Joseph Abboud apparel in the U.S. and Canada.