The Men’s Wearhouse Inc. and Jos. A. Bank Clothiers Inc. are due back in court on March 25 at 10 a.m.
Late Tuesday, Men’s Wearhouse won court approval for expedited proceedings in connection with its lawsuit to bar Jos. A. Bank from acquiring Eddie Bauer.
The hearing to fast track the process was done via a telephone conference before Delaware Chancery Court Vice Chancellor J. Travis Laster.
Men’s Wearhouse initially sought a temporary restraining order, or TRO, against Jos. A. Bank, but that request became a nonissue once Jos. A. Bank agreed to give its men’s retail competitor 10 days notice before the planned closing of the Eddie Bauer deal. According to the court transcript, Laster told Men’s Wearhouse’s counsel that they could return to court to seek a short-term TRO if the 10-day notice was given and a potential deal could be finalized in advance of the March 25 hearing date.
The March hearing will focus on Men’s Wearhouse’s request for a preliminary injunction to bar the Eddie Bauer transaction from happening. It’s only the first step, however. Even if Men’s Wearhouse wins that battle, both parties will still be mired in legal proceedings as they fight each other over whether a permanent injunction should be granted.
In granting Men’s Wearhouse’s motion to expedite, Laster said the retailer made a “credible basis for believing that the Eddie Bauer transaction is defensive,” and that it was in response to a “hostile bid.” He also noted that the features of the Eddie Bauer transaction “totally may well fall outside the range of reasonableness,” noting for example the termination fee and its “alleged magnitude.”
The court also heard from the lawyers for Eminence Capital, an activist investor with stakes in both Men’s Wearhouse and Jos. A. Bank, which has a separate complaint pending in the Chancery Court. Given the dialogue between counsel and the court, it appeared that some of its shareholder claims might be addressed in the Men’s Wearhouse litigation.
As for the separate tender offers on the table, Men’s Wearhouse is likely to go forward with its solicitation of Jos. A. Bank shares, which has a March 12 deadline. That will give the retailer a sense of how many are in favor of its proposed plan to acquire Jos. A. Bank. In turn, there doesn’t seem to be anything stopping Jos. A. Bank, which has its tender expiring on March 18, from buying back shares at $65 each.
Men’s Wearhouse earlier this week upped its offer to acquire Jos. A. Bank in what potentially could be a deal valued at up to $1.8 billion. Jos. A. Bank inked a deal to acquire Eddie Bauer from Golden Gate Capital for $825 million.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast