Men’s Wearhouse to repurchase $100 million in stock
Houston – The Men’s Wearhouse, Inc. has reached an agreement to repurchase $100 million worth of common stock from JPMorgan Chase Bank, NA under an accelerated share repurchase program. The retailer will buy the shares as part of an ongoing $200 million share repurchase program announced in March of this year. Men’s Wearhouse expects to close the transaction by the end of fourth quarter 2013.
Initially, the retailer will get nearly 2,197,000 shares from JPMorgan, approximately 85% of the total number of shares projected to be repurchased. The price at which Men’s Wearhouse will acquire these shares will be calculated on the basis of volume-weighted average share price. The company intends to fund this accelerated share repurchase program with cash in hand and/or by utilizing its existing credit facility.