Following a heated back-and-forth between Jos. A. Bank and the Men’s Wearhouse, which culminated in an ultimatum, Jos. A. Bank Clothiers has terminated its acquisition proposal.
The Men’s Wearhouse has rejected Jos. A. Bank’s offer to acquire the retailer for about $2.3 billion in a $48 per share all-cash offer, and Jos. A. Banks is not taking no for an answer.
Although JoS. A. Bank saw decreases across the board for its second quarter, president and CEO R. Neal Black focused on the momentum the company seems to have picked up during August.
JoS. A. Bank have appointed Byron "Bud" Bergren to the company’s board of directors. Bergren will also serve on the audit committee.
JoS. A. Bank customers did not respond as favorably to some of the company's marketing campaigns as they did in the prior year leading to a total sales decline of approximately 11% in the second quarter ended Aug. 3.
JoS. A. Bank Clothiers teamed up with the Gary Sinise Foundation to give suits to thousands of military veterans as they re-enter the civilian workforce.
JoS. A. Bank Clothiers’ reported net income for the first quarter of fiscal year 2013 of $8.1 million, a 45% fall from $14.8 million for the first quarter of fiscal year 2012.
JoS. A. Bank Clothiers reported that its net sales for the fiscal year were $1.05 billion, representing a 7.1% gain as compared with net sales of $979.9 million in fiscal year 2011.
JoS. A. Bank Clothiers has launched a new website for its big and tall customer ......