Men's Wearhouse (MW) Receives Unfavorable Outcome in JA Apparel Arbitration

The Men’s Wearhouse, Inc. (the “Company”) (NYSE: MW) has received notice of the result of the arbitration between JA Apparel Corp., a subsidiary of the Company (“JA Apparel”), and a former licensee of JA Apparel. The arbitration, initiated by the former licensee, related to an alleged breach by JA Apparel of license agreements for the manufacture of certain Joseph Abboud branded merchandise. Although the Company does not believe that the former licensee’s claim had merit, the arbitrators awarded the former licensee approximately $42.6 million in damages. The Company is surprised and disappointed at the outcome but has agreed to pay such award to resolve the dispute.

You May Also Be Interested In

• IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
• Ford (F) earnings beat estimates in Q1, revenue falls short; stock up
• Arvinas Inc. (ARVN) Appoints Randy Teel as Chief Business Officer