Men's Wearhouse and Jos. A. Bank may be inching closer to a deal. Men’s Wearhouse announced that it had reached a nondisclosure agreement with its rival, setting up talks that could lead to a merger of the two retailers.
Jos. A. Bank has officially rejected Men’s Wearhouse’s latest $1.78 billion buyout offer. But in yet another twist to the long-running saga between the two companies, in open letter to Men’s Wearhouse president and CEO Douglas S. Ewert, Jos. A. Bank said it is willing to meet with its rival.
Adverse weather in many of Pier 1 Imports’ major markets has continued to plague the home furnishings retailer, prompting president and CEO Alex W. Smith to update fourth-quarter and full-year expectations.
A little more than a week after Signet Jewelers said it plans to acquire all of the issued and outstanding stock of Zale for $21 per share in cash consideration, Zale reported net earnings of $51 million in the second quarter, a 10% increase from $41 million in the prior-year period.
The Home Depot has promoted Craig Menear to president, U.S. retail. Menear was previously EVP, merchandising, responsible for all merchandising departments and merchandising services and strategy; the company's supply chain network; global sourcing; vendor management; marketing; and online sales.
Gap reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.