Men’s Wearhouse to Buy Canadian Chain

Men’s Wearhouse Inc. said it plans to buy closely held Moores Retail Group Inc., Canada’s largest retailer of men’s suits, for about $130 million as the No. 1 U.S. discount retailer of men’s business apparel makes its first foray north of the border. Men’s Wearhouse said it will issue about 2.4 million shares--$72.3 million worth based on the latest closing price of $30.13--for all of Moores’ outstanding shares. It will also assume $57.4 million in debt, the company said. Trading in Men’s Wearhouse shares was halted on Nasdaq. The purchase is part of Men’s Wearhouse’s plan to become the dominant provider of men’s tailored clothing in North America. Moores operates 104 stores across Canada and eight in the U.S. Fremont-based Men’s Wearhouse has 386 stores in the U.S.