The transaction is subject to customary regulatory clearances and is expected to close in the second half of 2014.
Neiman Marcus Group, Inc. announced a series of organizational changes Wednesday. The merchant will merge the merchandising and planning organization for Neiman Marcus Stores and Neiman Marcus Online into a single team operating under the Neiman Marcus brand.
AlixPartners has been chosen to lead the integration of Jos. A. Bank into The Men’s Wearhouse.
Spreadshirt’s increases can be attributed to platform developments, like the touch-optimized t-shirt designer, and other features which were part of a 2m Euro platform investment.
FedEx said this week that its third quarter earnings took a direct hit thanks, in most part, to severe weather during the holiday shopping season.
But Destination XL’s overall sales were down for the fourth quarter. Total sales were $108.5 million compared with $114.9 million in the fourth quarter of fiscal 2012.
Men’s Wearhouse and Jos. A. Bank announced that the merchants have entered into a definitive agreement in which Men’s Wearhouse will acquire all of the outstanding shares of common stock of Jos. A. Bank for $1.8 billion. Together, Men’s Wearhouse and Jos. A. Bank will have more than 1,700 stores in the U.S., with approximately 23,000 employees and sales of $3.5 billion on a pro forma basis.
Target has announced that Beth Jacob, chief information officer, is resigning from her position as part of an “overhaul” of the retailer’s information security and compliance structure. Jacob’s resignation is effective March 5.
RadioShack announced this week that it plans to close 1,100 under performing stores as well as huge losses in its fourth quarter earnings. According to its Q4 financials, the electronics retailer reported that net sales and operating revenues for the quarter decreased to $935.4 million from $1.17 billion in the same quarter last year
It was a good quarter for online sales at Best Buy. The company reported that comparable online sales of $1.57 billion saw an increase of 25.8% over 2012, according to its earnings release.