The May Department Stores Company Announces Purchase of Gingiss Formalwear
December 29 2003 - 3:29PM
PR Newswire (US)
The May Department Stores Company Announces Purchase of Gingiss
Formalwear ST. LOUIS, Dec. 29 /PRNewswire-FirstCall/ -- The May
Department Stores Company today announced the purchase of certain
assets of the Gingiss Group in a cash transaction. May is acquiring
125 company-owned Gingiss Formalwear and Gary's Tux Shop stores and
two Gingiss Group service centers located in Addison, Ill., and Van
Nuys, Calif. Gingiss is a leading national tuxedo rental and sales
retailer, based in Addison, Ill. May will operate the Gingiss and
Gary's Tux stores as part of its Bridal Group, which includes
David's Bridal, Priscilla of Boston and After Hours Formalwear. "We
are pleased that Gingiss is joining our growing national network of
Bridal Group businesses and will help contribute to May's pursuit
of younger customers," said Gene Kahn, May's chairman and chief
executive officer. "May's bridal business has great synergy. The
links between our Bridal Group businesses and our department
stores' wedding registries are critical to our strategy of
attracting young-adult customers to our department stores and
especially to our home stores." Robert Huth, head of May's Bridal
Group and president and chief executive officer of David's Bridal,
said, "We continue to make strategic acquisitions that expand our
national presence. Acquiring Gingiss further enhances our ability
to serve engaged couples by creating a premier chain of tuxedo
stores which will complement David's Bridal." During 2003, May
acquired 225 tuxedo stores, including 125 Gingiss Formalwear and
Gary's Tux Shop stores, 25 Modern Tuxedo stores, and 64 Desmonds
Formalwear stores. In addition, May's Bridal Group has opened 30
David's Bridal stores and nine After Hours Formalwear stores to
date this year. The May Department Stores Company now will operate
448 department stores under the names of Lord & Taylor,
Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres,
Meier & Frank, Robinsons-May, Strawbridge's, and The Jones
Store, as well as 210 David's Bridal stores, 462 After Hours
Formalwear stores, and 10 Priscilla of Boston stores. May operates
in 46 states, the District of Columbia, and Puerto Rico.
DATASOURCE: May Department Stores Company CONTACT: Sharon Bateman
of May Department Stores Company, +1-314-342-6494
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