Men's Wearhouse is reportedly looking to acquire upscale footwear maker Allen Edmonds less than two weeks after it rejected a US$2.3bn takeover offer from rival Jos A Bank.

According to a report from The Wall Street Journal, if Men's Wearhouse signs an agreement to buy Allen Edmonds, any new debt it may assume could diminish Jos A Bank's ability to raise those funds. An agreement over the sale of Allen Edmonds could be reached next month, the report added.

Men's Wearhouse and Allen Edmonds have not yet responded to just-style's requests for comment.

The speculation comes after privately-owned Allen Edmonds, which operates 37 stores across the US, confirmed that it was looking to sell the company earlier this year.

Men's Wearhouse last month lowered its full-year earnings guidance, after one-off charges and a shift in tuxedo rental revenues weighed on second-quarter net profit. Profit declined 27.8% to US$42.9m versus $59.4m, while sales slipped 2.3% to $647.3m from $662.3m.