Calgary-based Mark’s Work Wearhouse revealed last week that it is in discussion with unnamed parties to sell the company.
This follows the announcement of plans to become a national ‘superbrand’ with double its retail store presence across Canada.
In October Mark’s Work Wearhouse twice made public an ‘expression of interest’ in the purchase of all its common shares.
The company says that while it is appropriate to respond to sale inquiries, there can be “no assurance that an agreement with respect to any transaction will be reached or that any transaction will be consummated.”
Mark’s said it can not say at this time how long it will take to pursue the discussions to their conclusion.
The casual unisex apparel retailer has announced it will consolidate its three retail divisions and add another 100 Canadian stores, making it the largest retail chain of its kind in the country.
“This is a very strategic move for us,” CEO Garth Mitchell said in a statement.
As of Dec. 1, 169 Mark’s stores and 144 Work World stores will be merged into one chain called Mark’s Work Wearhouse.
As part of this new strategic direction, the company will close its eight-store Dockers test project (in Calgary at Southcentre Mall and Chinook Centre) and amalgamate those outlets into the Mark’s chain.
The move has been spurred in part by increasing consumer demand for the company’s private labels, said Mitchell.
Founded in 1977, Mark’s Work Wearhouse (MWW-TSE) markets and sells its own private-label brands of business casual, weekend and work wear aimed at men and women between 25 and 60 years old.
By 2003, the Mark’s Work Wearhouse chain will include more than 300 stores in a variety of venues from small strip malls and regional shopping centres to mega-mall complexes, the company said.
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