Acquisition News--Gingiss Formalwear, Seattle's Best Coffee

1 min read
Opinions expressed by Entrepreneur contributors are their own.

Addison, Illinois--Gingiss Formalwear, a tuxedo sales and rental chain, is seeking a merger partner or capital infusion as it grapples with a debt load, increased competition and a sluggish economy that has dented demand for formalwear. Gingiss, controlled since 1999 by San Francisco-based Gryphon Investors Inc., has come under pressure during the past six months and is expected to make a move soon, following its busy spring season when formalwear demand peaks for weddings and proms. The company is grappling with a debt load that's the legacy of Gryphon's acquisition. Also, Gingiss is attempting to raise cash or cash out a little more than two years after it merged with Los Angeles-based Gary's Tux Shops, another Gryphon investment. The merger created the largest player in the fragmented $1 billion formalwear industry but customer demand has lagged post-9/11. -Crain's Chicago Business

Atlanta--Starbucks Corp. has completed its purchase of Seattle Coffee Co. from AFC Enterprises Inc. for $72 million in cash. The deal, announced in April, includes the Seattle's Best Coffee and Torrefazione Italia coffee brands, as well as the franchises on the North American continent, but excludes markets outside of North America and Hawaii. -Puget Sound Business Journal

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur