Bridal Group, a division of famous departmental store operator (FDS) Federated Department Stores Inc announced the purchase of certain assets of the Mr. Tux and Squire Tux stores in a cash transaction.
The Bridal Group will operate the Tux/Squire Tux stores as part of its Formalwear unit. The Bridal Group includes David's Bridal, After Hours Formalwear, and Priscilla of Boston.
Mr. Tux is one of the leading tuxedo rental and sales retailers in Boston and the surrounding New England region, operating over 40 stores in six states.
"Mr. Tux has a venerable 55 year history in New England, and they plan to honor and respect that heritage," stated Robert Huth, President and Chief Executive Officer of The Bridal Group. "This acquisition represents an important expansion of tuxedo rental and sales business, increasing ability to serve the New England area. Together with the David's Bridal stores already located in Mr. Tux/Squire Tux markets, they are positioned to reach even more engaged couples and better meet their wedding apparel needs," Huth continued.
Marc Atkin, Arnold Atkin, and Sheryl McKanas, of Mr. Tux, will continue in key management roles following the acquisition.
"Mr. Tux has a strong tradition of giving back to our community and I'm pleased will continue to support such important initiatives as our high school scholarship program," said Marc Atkin. "They look forward to continued growth through such benefits as color coordination with David's Bridal products, a key advantage, post acquisition."
The Bridal Group was acquired by Federated in August 2005 as part of its acquisition of The May Department Stores Company. Federated subsequently announced it intends to divest this business.
The Bridal Group operates 256 David's Bridal stores, over 500 Formalwear stores, and 11 Priscilla of Boston stores in 47 states and Puerto Rico.
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