HOUSTON and MONTREAL, March 3 /CNW/ -- The Men's Wearhouse (NYSE: MW)
today announced that it is closing its manufacturing facility (dba: Golden
Brand) based in Montreal, Quebec on or around July 2008.
"This was a very difficult decision for us to make and one that we did
not take lightly," stated George Zimmer, Founder, Chairman and CEO of Men's
Wearhouse. "We could no longer swim against the tide of the strengthening
Canadian dollar and the increasing pace of imports by our competitors. In
order to remain competitive the past 3 years, we have had to reduce our
production in Canada by about 50%. We will assist our employees as best we can
to transition to other employment."
Founded in 1973, Men's Wearhouse is one of North America's largest
specialty retailers of men's apparel with 1,273 stores. The stores carry a
full selection of designer, brand name and private label suits, sport coats,
furnishings and accessories, including tuxedo rentals available in the Men's
Wearhouse, Moores, and MW Tux stores. None of the Company's 116 Moores stores
in Canada will be impacted by this closure.
This press release contains forward-looking information. The
forward-looking statements are made pursuant to the Safe Harbor provisions of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements may be significantly impacted by various factors, including
unfavorable local, regional and national economic developments, disruption in
retail buying trends due to homeland security concerns, severe weather
conditions, aggressive advertising or marketing activities of competitors,
governmental actions and other factors described herein and in the Company's
annual report on Form 10-K for the year ended February 3, 2007 and subsequent
For additional information on Men's Wearhouse, please visit the Company's
website at http://www.tmw.com.
CONTACT: Neill Davis, EVP & CFO, Men's Wearhouse (281) 776-7200
Ken Dennard, DRG&E (713) 529-6600
For further information:
For further information: Neill Davis, EVP & CFO of Men's Wearhouse,
+1-281-776-7200; or Ken Dennard of DRG&E, +1-713-529-6600, for Men's Wearhouse
Web Site: http://www.tmw.com