Hampstead, Md. – Goldman-Sachs Group, sole underwriter of a $400 million bridge loan supporting Jos. A. Bank’s tentative acquisition of Eddie Bauer, is reportedly postponing the loan. According to the Wall Street Journal, Goldman Sachs had previously set a Feb. 27, 2014 deadline for investors to commit to purchasing portions of the loan, and has not yet set a new deadline.
Unnamed sources did not offer a specific reason for the postponement, but it follows the Feb. 24 filing of a lawsuit by Men’s Wearhouse, which has been making public offers to purchase Jos. A. Bank since January 2014, attempting to prevent the Eddie Bauer acquisition. The suit claims the only reason for the Eddie Bauer purchase is to make a purchase of Jos. A. Bank by Men’s Wearhouse impossible. Jos. A. Bank has agreed to give 10 days’ notice of any purchase of Eddie Bauer to Men’s Wearhouse.