Men's Wearhouse anounced that it had acquired Joseph Abboud, New Bedford-based suit maker, for US$98 million. The deal was part of Men's Wearhouse acquisition of JA Holding, Inc., Abboud's parent company. Back in 2004, J.W. Childs Associates, a private-equity firm, had bought JA Holding for US$73 million.
Anthony Sapienza is the current CEO and President at JA Holding. Mr. Sapienza will maintain his positions in the company. He explained that while the acquisition might result in some some organizational reshuffling, it will not mean any employee downsizing at the local level.
"I think this merger will ensure the continuation of the factory and the growth of the factory," Sapienza assured. He added that the merger could bring in more jobs as the organization grows.
"The brand will be promoted in the store as a very important part of their overall business," he stated.
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