The May Department Stores Co. (St. Louis) has announced the purchase of certain assets of Modern Tuxedo (Chicago) in a cash transaction. The retailer will operate the Modern Tuxedo stores as part of May's growing Bridal Group, which includes David's Bridal, After Hours Formalwear, and Priscilla of Boston.
Modern Tuxedo operates 25 stores in the Chicago metropolitan area, with annual sales of approximately $12 million.
“We are very pleased to welcome Modern Tuxedo to our collection of Bridal Group businesses,” said May Co. chairman and ceo Gene Kahn. “This business complements our David's Bridal and Priscilla of Boston stores in the Chicago market and expands our ability to serve engaged couples in the area. It also is a strong addition to our After Hours tuxedo business and furthers our strategy of building the most integrated bridal business in the nation.”
Robert Huth, president and ceo of David's Bridal and head of May's Bridal Group, said, “The addition of Modern Tuxedo to our growing After Hours business contributes to our goal of becoming a national chain.”
Current Modern Tuxedo president Gerry Avi will continue as president. Former owner Peter Abruzzo will serve as a consultant.
May has continued to build its burgeoning bridal business, having opened eight David's Bridal stores and three After Hours Formalwear stores this year. The company plans to open 22 additional David's Bridal stores, 12 After Hours stores and two Priscilla of Boston stores in the balance of the year.