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By Andrea K. Walker | andrea.walker@baltsun.com | April 12, 2010
Men's clothier Jos. A. Bank said Monday morning that it is entering the factory outlet business, opening five stores by the end of this fiscal year. If the five stores perform well, the company will open more in the future. There is the potential to open 50 to 75 factory stores in the U.S., R. Neal Black, president and CEO of Jos. A. Bank said in a statement. The company now has seven clearance outlet stores where it sells overstock from its full-priced stores. The company has developed new merchandise to sell in the newest stores.
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BUSINESS
By Lorraine Mirabella and The Baltimore Sun | September 30, 2014
A former Macy's and I Magnin executive will step in as brand president of Jos. A. Bank Clothiers, part of the Hampstead-based Bank's integration into parent company Men's Wearhouse. Bank's new president, Paul Fitzpatrick, most recently served as president and chief operating officer of ESP Group Ltd., a designer of underwear, sleepwear and lounge wear. In another executive team change, former Jos. Bank executive Jim Thorne will become executive vice president of direct sourcing, overseeing Men's Wearhouse's overall product development, manufacturing and sourcing, the Houston-based men's apparel chain said Tuesday.
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BUSINESS
April 1, 2010
Men's clothier Jos. A. Bank reported a 22 percent profit increase for 2009 as it continued to attract shoppers with steep discounts. The Hampstead company said net income came in at $71.2 million, or $3.84 per share, for the fiscal year ended Jan. 30. That was compared with $58.4 million, or $3.17 per share, for the same period a year ago. Revenue for the year jumped to $770 million, a 10.7 percent gain from a year ago. Comparable stores sales, or...
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | September 3, 2014
The Men's Wearhouse plans to end the contract that supplies tuxedo rental inventory to Hampstead-based subsidiary Jos. A. Bank, the Houston-based men's retailer said Wednesday. Men's Wearhouse, which acquired Bank in June for $1.8 billion, said an early termination agreement between Bank and Illinois-based tuxedo wholesaler Jim's Formal Wear will take effect Dec. 31. The menswear chain will take a one-time charge of $4.5 million in its fiscal third quarter as a result. "As of January 1, 2015 we will be leveraging our internal tuxedo rental inventory and logistics to serve the Jos. A. Bank tuxedo operations," Men's Wearhouse president and CEO Doug Ewert said in the announcement.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | June 2, 2010
Men's retailer Jos. A. Bank Clothiers Inc. said Wednesday that fiscal first quarter earnings increased 37 percent as consumers continued to shop its bargains. Net income for the quarter ended May 1 was $15.8 million, or 85 cents per share. That was compared to $11.5 million, or 62 cents per share, for the same period a year ago. The Hampstead-based retailer reported comparable stores sales, or sales for stores open at least a year, increased 10.4 percent, while catalog and Internet sales declined 0.6 percent.
BUSINESS
The Baltimore Sun | January 30, 2014
In the latest salvo in their protracted takeover battle, Men's Wearhouse said it might be willing to sweeten its bid for rival Jos. A. Bank Clothiers in a letter sent Thursday to Bank's independent directors. Men's Wearhouse urged the directors to form a special committee to reconsider its offer to buy Bank for $1.6 billion cash and begin negotiations. It said it might increase its $57.50-a-share offer for the Hampstead-based men's retailer if it found additional value during negotiations or due diligence.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 3, 2014
Jos. A. Bank Clothiers moved a big step closer toward merging with rival Men's Wearhouse, with an announcement Monday that the two men's apparel chains agreed over the weekend to exchange confidential information and evaluate a potential business marriage. Houston-based Men's Wearhouse said the retailers reached an agreement Saturday night, when Hampstead-based Bank gave it a draft merger plan. Men's Wearhouse raised its hostile offer for Bank to $63.50 per share last week, which Bank rejected while agreeing to meet to discuss a higher price.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 15, 2013
Jos. A. Bank Clothiers Inc. expects profits to drop in the second quarter, the Hampstead-based retailer announced Thursday. Earnings are expected to decline to about 49 cents to 53 cents per share, compared with 83 cents per share in the second quarter of 2012, the company said. Sales fell about 11 percent in the three-month period that ended Aug. 3, but the gross profit margin rate stabilized, said CEO R. Neal Black in a statement. "Customers did not respond as well to some of our highly promotional, high sales volume marketing campaigns as they did in the prior year," and sales fell mostly during the promotional peaks, Black said.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | June 24, 2013
When reports surfaced that Jos. A. Bank Clothiers Inc. had bid for a designer jeans maker, CEO R. Neal Black said the company's board decided it had to go public with plans to pursue potential acquisitions. While the Hampstead-based men's apparel seller still isn't confirming or denying reports that it bid on jeans designer Lucky Brand, part of Fifth & Pacific Cos. Inc., company officials have announced they are considering acquisitions to spur growth. They have hired New York-based retail investment banking firm Financo LLC to help them explore options.
BUSINESS
By Andrea K. Walker | May 3, 2011
People in England and Spain may now be able to buy suits and ties from Jos. A. Bank Clothiers. The Hampstead-based retail chain said today it will now make it possible for people in other countries to shop from its Internet site. It is expanding Internet shopping to more than 90 countries. The orders may be placed directly by international customers or by U.S. customers who wish to deliver their orders to family or friends at international addresses. The company is using a third party provider, FiftyOne Global Ecommerce, to facilitate the checkout and exporting of orders.  Shoppers will be able to use the currencies of the countries where they are buying from.
SPORTS
Sports Digest | August 4, 2014
Milos Raonic won the first all-Canadian tournament final in Association of Tennis Professionals history, easily beating Vasek Pospisil , 6-1, 6-4, at Washington's Citi Open on Sunday for the men's singles title. It was Raonic's sixth title win; Pospisil was participating in his first ATP final. Raonic, who made it to the semifinals at Wimbledon last month, won $316,400 and is expected to have his ranking move up Monday to No. 6 in the world. This was the first time two Canadians played each other in a tour final since the beginning of the Open era in 1968.
BUSINESS
By Scott Dance, The Baltimore Sun | June 18, 2014
Men's Wearhouse closed its $1.8 billion deal to acquire Hampstead-based Jos. A. Bank Clothiers Inc., the company said Wednesday, putting an end to what had been a pitched takeover battle between the two former rivals. The Houston-based men's clothing retailer paid $65 for each share of Bank, which will soon disappear from the NASDAQ's listings. Bank stores will retain their brand name. The combined $3.5 billion company will have 1,700 stores and 26,000 employees. The deal likely will mean job losses in Maryland, where Bank was founded in 1905.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | June 6, 2014
Jos. A. Bank Clothiers Inc., likely a few weeks away from finalizing a $1.8 billion deal to be acquired by Men's Wearhouse, posted a $37.1 million first-quarter loss stemming from merger-related expenses. In what is probably its last earnings report as an independent company, the Hampstead-based men's apparel chain reported Friday a loss of $1.33 per share for the three-month period that ended May 3. Bank reported earnings after the close of the market. Its stock closed up 4 cents at $64.97 per share.
BUSINESS
By Tim Swift, The Baltimore Sun | May 30, 2014
The Federal Trade Commission ruled Friday that the Men's Wearhouse takeover of fellow clothing retailer Jos. A. Bank Clothiers can move forward after the agency found that the combined company would not violate antitrust laws. "Despite limited competition from the Internet, the transaction is not likely to harm consumers because of significant competition from other sources," the commission wrote in a blog post about the decision. "There are numerous competitors that sell suits across the range of prices of the suits the merging parties offer, including Macy's, Kohl's, JC Penney's, Nordstrom, and Brooks Brothers, among others.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | May 9, 2014
Jos. A. Bank Clothiers Inc. said its CEO and president, R. Neal Black, earned $2.92 million last year, up slightly from 2012. Black's compensation included $791,275 in salary and $2 million in stock awards. Bank's top executive also earned another $126,000 through a change in pension value and other compensation, the men's apparel retailer reported Friday in an amendment to its annual report. Black earned $2.9 million in 2012. In March, the Hampstead-based store chain agreed to a $1.8 billion merger with larger rival Men's Wearhouse.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 2, 2014
Jos. A. Bank Clothiers saw its earnings slide in the fourth quarter as the menswear retailer attempted to fight off a takeover by Men's Wearhouse. The Hampstead-based retailer ultimately succumbed, agreeing to a $1.8 billion merger with its larger rival in March. For the quarter ended Feb. 1, Bank reported that it earned $27.4 million, down from $28.4 million in the comparable quarter a year earlier. Earnings per share slipped to 98 cents from $1.01. Bank said legal and advisory costs related to the takeover battle reduced its earnings per share by 7 cents.
BUSINESS
By Lorraine Mirabella and The Baltimore Sun | September 30, 2014
A former Macy's and I Magnin executive will step in as brand president of Jos. A. Bank Clothiers, part of the Hampstead-based Bank's integration into parent company Men's Wearhouse. Bank's new president, Paul Fitzpatrick, most recently served as president and chief operating officer of ESP Group Ltd., a designer of underwear, sleepwear and lounge wear. In another executive team change, former Jos. Bank executive Jim Thorne will become executive vice president of direct sourcing, overseeing Men's Wearhouse's overall product development, manufacturing and sourcing, the Houston-based men's apparel chain said Tuesday.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 31, 2014
The Men's Wearhouse Inc. hired a business advisory firm to help it merge with Hampstead-based Jos. A. Bank Clothiers Inc. once it acquires the rival retailer in a $1.8 billion deal announced earlier this month. The firm, AlixPartners, will help Men's Wearhouse find ways to streamline purchasing, customer service, marketing and corporate functions of the two chains to save an estimated $100 million to $150 million a year. Doug Ewert, Men's Wearhouse president and CEO, reiterated the company's earlier plans to retain Jos. A. Bank stores under a separate banner.
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