Tailored Brands: sells corporate apparel business
(CercleFinance.com) - Tailored Brands today announces an agreement for the sale of its corporate apparel business for a total of 62 million dollars, of which 56 million dollars was received on signature, with the remaining 6 million dollars deferred until the first quarter of 2020.
The men's clothing retail group plans to use these revenues to reinvest in its business. The deal represents a multiple of 4.3x adjusted EBITDA of the divested business for FY 2018.
For its second quarter, Tailored Brands expects to report revenue of between 787 million and 789 million dollars, with adjusted EPS of 78 cents to 80 cents, exceeding the target range of 65 to 70 cents that it gave last June.
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The men's clothing retail group plans to use these revenues to reinvest in its business. The deal represents a multiple of 4.3x adjusted EBITDA of the divested business for FY 2018.
For its second quarter, Tailored Brands expects to report revenue of between 787 million and 789 million dollars, with adjusted EPS of 78 cents to 80 cents, exceeding the target range of 65 to 70 cents that it gave last June.
Copyright (c) 2019 CercleFinance.com. All rights reserved.