GRAFTON-FRASER IN TIP TOP SHAPE
By Adnews Staff
Toronto-based mens wear retailer Grafton-Fraser is in tip top shape. The company has purchased all the assets of the Tip Top Tailors retail division from Toronto-based Dylex Limited. The agreement, which is expected to close by June 30 with net cash proceeds of $32.2 million, also includes Tip Top's related manufacturing operations, Weston Apparel and San Remo Knitting Mills. Grafton-Fraser operates 123 stores across Canada under the Jack Fraser, Grafton and Co., George Richards, The Suit Exchange and Mr. Big and Tall banners. The sale is part of a strategic review Dylex undertook. BMO, Nesbitt Burns served as financial advisors to Dylex during the sale. Additional divisions of Dylex include: BiWay, Braemar, Fairweather, Labels and Thriftys. Officials at Grafton-Fraser or Dylex could not be reached before press time to confirm advertising plans.