American Eagle Buys Todd Snyder

American Eagle Outfitters (Pittsburgh) has reached a deal of $11 million in cash and stocks to acquire high-end menswear label Todd Snyder (New York).

The acquisition includes the brand’s collegiate Tailgate label, and the retailer intends to open as many as 200 Tailgate stores at universities throughout the country where American Eagle jeans will also be sold. It also plans to open the brand’s first flagship store in New York.

The move is in an attempt for American Eagle to appeal to an older age group and revive business, which dropped 10 percent in the first quarter, reports The New York Times.