$1.8 billion Houston Takeover

A $1.8 billion Houston takeover: Men's Wearhouse gobbles up a competitor, area store closings to follow

A fractious battle between two menswear giants reached a truce Tuesday when Men's Wearhouse announced that is acquiring rival Jos. A. Bank Clothiers for about $1.8 billion.

The announcement ended a five-month saga that started when Jos. A. Bank offered to buy Men's Wearhouse, whose corporate offices are in Houston and Fremont, Calif., soon after Men's Wearhouse founder George Zimmer was pushed out of the company.

The announcement ended a five-month saga that started when Jos. A. Bank offered to buy Men's Wearhouse soon after founder George Zimmer was pushed out.

The bidding went back and forth between the two rivals and at one point Jos. A. Bank said it planned to acquire clothing brand Eddie Bauer in a bid to stay independent.

Men's Wearhouse brought the clothing war to a conclusion with an offer price of $65 per share, considerably more than the Jos. A. Bank stock price when the battle began last October.

The combined operation will create the fourth-largest men's apparel retailer in the United States with annual sales of about $3.5 billion at more than 1,700 stores. The Associated Press reports that Jos. A. Bank will keep its name and possibly its "buy one suit and get three free" deals.

To reduce costs, Men's Wearhouse is expected to close duplicate stores in the same mall or in free-standing locations close to each other. In Houston, Men's Wearhouse and Jos A. Banks overlap in such locations as the River Oaks Shopping Center, Meyerland, the Galleria area and Sugar Land. The company has not announced any closings or consolidations.

Men's Wearhouse has acquired Jos. A. Bank Clothiers to create the fourth largest men's clothing chain in the U.S.

Reuters VCPost.com

Men's Wearhouse has acquired Jos. A. Bank Clothiers to create the fourth largest men's clothing chain in the U.S.

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UNIFORM UTOPIA

Luxury scrubs brand FIGS opens first Texas location in Rice Village

Photo courtesy of FIGS

FIGS will open its new Rice Village Community Hub on December 6.

Healthcare apparel company FIGS is opening its first brick-and-mortar store in Texas with a new Community Hub in Rice Village. The retail space is designed to serve both as a store and a gathering spot for the city's healthcare community.

The Rice Village location opens this Saturday, December 6, with a public grand opening event on December 13 from 6 to 8 pm featuring giveaways, music, food, and drinks from local vendors. Joining outposts in Los Angeles, Philadelphia, and New York City, the Houston location is the fourth Community Hub for the company and the only location in the South.

The store will carry the full range of FIGS products, including scrubwear, loungewear, and accessories. It will also host events and programming focused on healthcare topics, offering visitors opportunities to meet and share experiences.

At the new FIGS boutique, shoppers will find the Color Clinic, offering scrubwear in core colors with rotating seasonal options. The store also has a Customization Station, which provides embroidery for names, titles, practice or hospital logos, and local icon options available only at Community Hubs. Personalization is also available for scrub caps, outerwear, and accessories.

FiGS The new FIGS store will offer a Color Clinic and Customization Station to let shoppers personalize their FIGS uniforms. Photo courtesy of FIGS/Instagram

The brand, founded in 2013 by Heather Hasson and Trina Spear, is known for fashion-forward medical uniforms made from a proprietary fabric with four-way stretch, antimicrobial technology, moisture-wicking, and wrinkle resistance. Hasson and Spear began selling directly to healthcare workers in Los Angeles-area hospital parking lots before growing their presence as an online retailer.

CEO and co-founder Trina Spear believes Rice Village was the perfect choice due to its proximity to the Texas Medical Center. She said the company wanted a space that supports Houston healthcare professionals and gives them a place to shop and connect.

"Houston is home to the Texas Medical Center, the largest medical complex in the world, and we are honored to bring a FIGS Community Hub to this city. This space is designed to serve and celebrate Houston healthcare professionals," said Spear. "Our Community Hubs create opportunities for customers to not only shop in a way that never previously existed, but to connect with each other and with FIGS on a deeper level."

FIGS Community Hub, 5515 Kelvin Dr., Suite 130, 77005

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