Men's Wearhouse Reports Early Termination Agreement - Quick Facts

(RTTNews) - The Men's Wearhouse (MW) announced an early termination agreement between its unit, Jos. A. Bank, and Jim's Formal Wear, effective December 31, 2014. The company would record a one-time charge of $4.5 million in its fiscal 2014 third quarter in connection with early termination of this contract.

Doug Ewert, Men's Wearhouse president and chief executive, said, "We are pleased about the early termination of the Jim's Formal Wear contract to supply tuxedo rental inventory to Jos. A. Bank. As of January 1, 2015 we will be leveraging our internal tuxedo rental inventory and logistics to serve the Jos. A. Bank tuxedo operations."