Tailored Brands Inc. (Houston) has announced its plan to sell the Joseph Abboud brand for $115 million to the management firm WHP Global (New York) by the end of March.
Tailored Brands plans to take this as an opportunity to decrease debt and expand the Joseph Abboud brand into international markets, according to Retail Dive. The company will retain the right to sell and rent merchandise in North America, while the global expansion will be led by WHP.
Designer Joseph Abboud plans to leave Tailored Brands and his namesake line in order to reportedly pursue other ventures in the fashion industry.
Tailored Brands will now turn its focus to its large brands such as Men’s Warehouse and Jos. A. Bank.