Apparel retailer JoS A. Bank is seeking a buyer
June 24, 2013 10:46 AM
JoS. A. Bank Clothiers Inc. is looking for a potential buyer, the company recently announced. It has set no timetable for completing a deal.
Men’s clothing retailer JoS. A. Bank, No. 191 in the Internet Retailer Top 500 Guide, had $109 million in e-commerce sales in 2012, representing 10.9% of overall sales, which totaled $1 billion. The direct channel was responsible for around 31.6% of the company’s growth in 2012, Internet Retailer estimates.
The retailer says its aim is to maximize shareholder value. “We have built an extraordinarily strong balance sheet with substantial liquid assets and no bank debt,” says Andrew Giordano, lead independent director on the board. “Our pursuit of strategic opportunities is part of our philosophy of long-term planning and decision-making.”
In addition to its e-commerce site JoS. A. Bank Clothiers operates 607 stores in 44 states and the District of Columbia.