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.
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.
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