Tailored Brands Divests MW Cleaners
Tailored Brands, Inc. (NYSE: TLRD) announced, in a statement March 14, 2018, the company sold its MW Cleaners business on March 3, 2018, for approximately $18 million.
“MW Cleaners operated as an independent retail dry cleaning business separate from our vertically integrated dry cleaning operations that support our formalwear rental business. As part of our commitment to optimize our portfolio, focus on our core businesses and unlock cash flow, we decided to sell MW Cleaners,” said Tailored Brands Chief Executive Officer Doug Ewert.
At the time of the transaction, MW Cleaners operated 38 retail dry cleaning, laundry and heirlooming facilities in Austin and Houston, Texas.
The EDIT TX group purchased MW Cleaners businesses from Tailored Brands on March 3, 2018. EDIT TX will convert 36 MW Cleaners stores in Houston, Texas and the MW Cleaners delivery business in Austin, Texas to Tide Dry Cleaners. EDIT TX will also begin operating the 2 Tide Dry Cleaners stores in Austin, Texas.
EDIT TX includes Tide Dry Cleaners franchisees that own and operate units in Amarillo, TX; Austin TX; Kansas City MO; and Lubbock TX. The multi-generational leadership of MW Cleaners are partners in the EDIT TX group. Michael E. Nesbit will be the CEO of the organization and the entire MW Cleaners team has been retained. The group said in a prepared statement, “EDIT TX is thrilled to expand the Tide Dry Cleaners brand throughout Texas with some of the most influential leaders in the dry cleaning industry.”