The Dunklemans agreed to the joint bid by the Posluns and Kay, who formed a new company named Dylex, which concurrently went public, to serve as the holding company for Tip Top Tailors. The name Dylex, which had once been used by Kay for one of his holding companies, was an acronym for "damn your lousy excuses," a phrase that reflected the mentality of the company's new management. Kay and the dominant Posluns family member, Wilfred Posluns, established a reputation for acquiring ailing retail chains and injecting them with new life, a characteristic of their jointly controlled company as it developed into a retail giant.
The Dunklemans agreed to a joint bid by the Posluns and Kay, who formed a new company named Dylex, which went public concurrently to serve as the holding company for Tip Top Tailors. The name Dylex was an acronym for "damn your lousy excuses," reflecting the new management's attitude. Kay and Wilfred Posluns, a prominent member of the Posluns family, were known for acquiring struggling retail chains and revitalizing them.