USA: Gingiss Snaps Up Rival Formalwear Firms
In a move to gain greater advertising and merchandising opportunities, Chicago-based Gingiss Formalwear's holding company has closed a stock-for-stock merger with an affiliate of Van Nuys, Calif-based formalwear chain Gary's Tux Shops. Financial terms were not disclosed. As a result of the merger, which closed in late January, the two companies formed a new holding company, temporarily named Gary's Group. Nearly all of the company's 430 US stores will use the Gingiss name, says Michael Corrao, president and CEO of Gingiss.
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