The sale of upscale men's shoemaker Allen Edmonds Corp. to a private equity firm could help Hampstead-based Jos. A. Bank Clothiers Inc. in its so-far unsuccessful bid for The Men's Wearhouse, which rejected Bank's proposal and instead reportedly was considering buying Edmonds.
The Wisconsin-based shoe maker, owned by private equity firm Goldner Hawn Johnson & Morrison of Minneapolis, said Monday it has agreed to be acquired for an undisclosed amount by an affiliate of Los Angeles-based Brentwood Associates, allowing it to remain an independent private company.
Edmonds, one of the last American shoe makers, had reportedly been sought by several companies.
Jos. Bank has offered $2.3 billion for Men's Wearhouse and said it would considering raising its $48 per share offer if allowed to review Men's Wearhouse non-public company information.
On Monday, Men's Wearhouse turned down the rival retailer's request, saying that providing such access is not in its shareholders' best interest. Jos. Bank has given men's Wearhouse until Nov. 14 to enter talks before it will walk away.