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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.
ChannelAdvisor announced that it has partnered with Alibaba Group’s Tmall.com to help retailers bring their business across global borders.
Overstock.com announced that it has sold over $1 million in product to Bitcoin users since the online shopping site started accepting the cryptocurrency on Jan 9. According to Overstock.com, of the over 4,300 Bitcoin customers that made purchases with the site since January, almost 60% are new customers.
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
Men’s Wearhouse has confirmed that it entered into a non-disclosure agreement with Jos. A. Bank and agreed to exchange certain confidential information and to work in good faith to evaluate a potential combination. It was also announced that Men’s Wearhouse has received a draft merger agreement from Jos. A. Bank.
Home Depot has announced that Craig Menear has been named the U.S. Retail President. In his new role, Menear will add responsibility for all of Home Depot’s U.S. store operations, with Marvin Ellison, executive vice president, U.S. stores, reporting to him.
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.
Chico’s FAS ended its fiscal year with flat net sales, and was hurt by a 6.4% decrease in fourth-quarter sales, the retailer said in its earnings release.
Sears Holdings’ domestic comparable store sales declined 3.8%, comprised of decreases of 3.6% at Kmart and 4.1% at Sears Domestic in fiscal year 2013. Here’s a full look at Sears Holdings’ full-year financial results.