Jos. A. Bank Scoops Up Eddie Bauer, Putting Men's Wearhouse Deal on Ice Jos. A. Bank says that it has been eyeing the Eddie Bauer brand for years now.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

There's quite a kerfuffle in the mid-priced, basic menswear arena.

Jos. A. Bank announced today that it will scoop up the parent company of Eddie Bauer. Meanwhile, Jos. A. Bank was already being hotly pursued by Men's Wearhouse.

But as Jos. A. Bank says, it has wanted to buy Eddie Bauer for a long time.

"We have long admired the Eddie Bauer brand and its widespread appeal among those with active lifestyles and excitement about the outdoors, a large and growing customer base that overlaps significantly with ours," said Robert N. Wildrick, Chairman of Jos. A. Bank., in a joint statement released today.

Related: Ousted Men's Wearhouse Founder Fires Back in Open Letter

The deal is based on an $825 million valuation of Everest Topco, the parent company of Eddie Bauer, and includes $564 million in cash and the rest in stock, according to the statement.

The Eddie Bauer brand, which launched in 1920 in Seattle, focuses more on outdoor, casual gear, while Jos A. Bank, which was founded in 1905 and is headquartered in a small town north of Baltimore, is more known for its office attire. There are 370 Eddie Bauer stores throughout the United States, Canada and Japan and there are 629 Jos A. Bank stores in 44 states and the District of Columbia.

"With this transaction, two historic 20th century American apparel brands, dedicated to quality, which have been serving different lifestyle aspects of a demographically similar family of customers, now combine to leverage their legacies and their strengths," said Neal Black, CEO of Jos. A. Bank, in the statement.

As the ink dries on the Eddie Bauer deal, Jos. A. Banks' suitor, Men's Wearhouse, says it will need to take a pause and assess the new situation.

"The Board of Directors of Men's Wearhouse, together with its financial and legal advisors, will evaluate Men's Wearhouse's options with respect to Jos. A. Bank," the Fremont, Calif.-based retail chain said in a statement, also released today. Men's Wearhouse has 1,133 stores and was founded in 1973.

Men's Wearhouse had a cash offer on the table from Jan.6, 2014 to March 28 to buy all outstanding shares of Jos. A. Bank for $57.50 per share.

Related: Men's Wearhouse to Jos A. Bank: We're Suited for Each Other, and Here's $1.5 Billion to Prove It

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Marketing

Beyond Likes and Shares — How to Leverage Influencer Partnerships in the New Era of Social Media

Social media is evolving, and traditional marketing tactics are no longer enough. Learn how to leverage influencer partnerships, build authentic connections and navigate dark social to create impactful marketing campaigns that drive real engagement and trust.

Side Hustle

'I Was Called Crazy': This 27-Year-Old's Side Hustle Hit $30,000 a Month in Under a Year — Now It's Worth Millions

Changing regulations forced Angel Rodriguez's jet ski rental company to shut down, and the young entrepreneur had to figure out his next move — fast.

Business News

'How Vulnerable Senior Investors Are': Morgan Stanley Was Ordered to Pay $843,000 to an Elderly Widow Who Was Scammed Out of Millions (and Not By Them)

The scheme involved multiple criminals who pretended to be technical support staffers, employees at the bank, and even government workers.

Leadership

Why Work-Life Balance Is Overrated — and What to Pursue Instead

Managing quality, not time, is the secret to thriving personally and professionally.

Side Hustle

This 31-Year-Old Spends 2 Hours Per Week On His $3,000-a-Month Passive Income Side Hustle: 'Trust Your Vision'

Hansel Moore's home office "wasn't cutting it" — so he found another place to be creative.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.