By  on August 19, 2019

Tailored Brands Inc. has officially exited the corporate apparel business.

The Fremont, Calif.-based parent company of Men’s Wearhouse and Jos. A. Bank said early Monday that it has sold the division for $62 million in cash to a group led by its existing U.K.-based management team. Of the sale price, approximately $56 million was received upon closing and approximately $6 million is being deferred to the first quarter of fiscal 2020. The company said it will use the money to pay down debt, freeing up cash for capital expenditures.

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