Tailored Brands Announces Sale of Corporate Apparel Business for $62 Million in Cash; Provides Update on Fiscal 2019 Second Quarter Results
TAILORED BRANDS INC (TLRD)
Last tailored brands inc earnings: 3/18 04:15 pm
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ir.tailoredbrands.com
Company Research
Source: Business Wire
Sale positions Tailored Brands to strengthen balance sheet and focus on core business Expects Q2 2019 GAAP EPS of $0.64 to $0.66Expects Q2 2019 Adjusted EPS(1) of $0.78 to $0.80, above prior guidance of $0.65 to $0.70 FREMONT, Calif.--(BUSINESS WIRE)--Tailored Brands, Inc. (NYSE: TLRD) today announced that it has closed the sale of its corporate apparel business to a group led by the existing corporate apparel U.K. executive team for total cash consideration of $62 million, subject to certain working capital adjustments. Of the $62 million in total consideration, approximately $56 million was received upon closing and approximately $6 million is deferred to the first quarter of fiscal 2020.“We are pleased to have reached an agreement to sell our corporate apparel business. The consummation of this transaction supports our previously stated strategy to focus on our core retail business in the U.S. and Canada while reducing debt,” said Tailored Brands President and CEO Dinesh Lathi.
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