Macy’s Inc., the second-largest U.S. department-store company, maintained its annual profit forecast and increased its share buyback program after cost cuts helped it cope with a first quarter marked by weak shopper traffic.
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. 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.