Men’s Wearhouse Inc. urged Jos. A. Bank Clothiers Inc.’s independent directors to reconsider its $1.61 billion bid and said it’s prepared to increase the offer if additional value can be found during due diligence.
Jos. A. Bank Clothiers Inc. and Men’s Wearhouse Inc. agree they should join forces. Both also agree it’s worth taking on $1 billion or more in debt to create one of the largest U.S. clothing retailers. They just don’t agree who should run it.
Macy’s Inc., the second-largest U.S. department-store company, forecast profit for its next fiscal year ahead of analysts’ estimates and disclosed a program to cut costs that includes eliminating about 2,500 jobs.
Men’s Wearhouse Inc., the retailer that spurned Jos. A. Bank Clothiers Inc. as a buyer only to pursue it as a target, reported fiscal third-quarter earnings that exceeded analysts’ projections as sales increased.