Men's Wearhouse retail sales rise 6.8% in Q4 FY'13

"Subsequent to year-end, our board and management have embarked upon a process of reevaluating the Company's operating structure and capital allocation program," added Ewert.  "We believe that our core strength lies primarily in our MW and Moores men's specialty apparel retailing.  To better focus our efforts on these core operations, we have engaged Jefferies & Co. to assist us in evaluating strategic alternatives for our K&G operations.

"Additionally, the board has approved a new share repurchase program of $200 million, which amends and increases the Company's existing share repurchase authorization. We had $45 million available in our prior repurchase program and this action adds an additional $155 million for share repurchases by the Company.

"We are also in the process of amending and restating our credit facility, which we expect to complete by mid-April," continued Ewert.  "Under the amended facility, we will increase our revolving credit to $300 million, with possible future increases to $450 million under an expansion feature, and extend the maturity date to 2018. 

"In addition, the amended facility will provide for a $100 million term loan which will be repaid over five years, with 10% payable annually in quarterly installments and the remainder due at maturity.  The other terms of the credit facility will remain substantially similar to those included in our current facility.  We currently have no debt outstanding under the existing revolver other than letters of credit totaling approximately $22.3 million, which will continue in place under the amended facility.

"We believe these strategic and deliberate actions will better position the Company for growth and will unlock value for our shareholders."

Men's Wearhouse