Home / Knowledge / News / JoS. A. Bank Clothiers on prowl for acquisitions
JoS. A. Bank Clothiers on prowl for acquisitions
22
Jun '13
JoS. A. Bank Clothiers, Inc confirmed that it has been and is considering strategic opportunities to enhance shareholder value, including seeking potential acquisitions to facilitate additional growth.

Since the current team assumed management of the Company in 1999, shareholder value has increased by over 5,700%, from a market cap of approximately $19 million in November 1999 to over $1.1 billion in June 2013.

During that same period, while the economy has ebbed and flowed, the Company has steadily opened over 500 stores, resulting in the creation of over 5,000 American jobs. During its fiscal year ended February 2, 2013, the Company exceeded, for the first time, $1 billion in total sales, including over $100 million in Internet sales. The Company intends to continue the growth of its core businesses through internal initiatives such as opening stores and enhancing its Internet sites.

The Company's efforts to maximize shareholder value through strategic opportunities include the on-going consideration of potential acquisitions. To provide the flexibility to pursue such opportunities, the Company intends to retain capital not needed for operations.

The Company has been and is being assisted in its consideration of various strategic options, including the evaluation of potential acquisitions, by Financo, LLC, an investment banking firm. As part of its evaluation of strategic opportunities, the Company has been and will continue to selectively seek potential acquisitions that are strategically sound and accretive in the long run. No timetable has been set for any acquisition.

Andrew Giordano, Lead Independent Director, said, "Since our reinvention in 1999, the board and management have been committed to long-term growth. To that end, we have built an extraordinarily strong balance sheet with substantial liquid assets and no bank debt. Those assets are critical to our efforts to enhance shareholder value, both through strategic opportunities (such as acquisitions) and organic growth. Our pursuit of strategic opportunities is part of our philosophy of long-term planning and decision-making."

JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 607 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website.

JoS. A. Bank Clothiers

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X