The Men’s Wearhouse today issued the following statement in response to the announcement by Jos. A. Bank Clothiers, Inc. that its Board of Directors has rejected Men’s Wearhouse’s all-cash $57.50 per share offer.
The competition in price played a major role in the declining 2013 holiday sales results at Best Buy, according to a statement released by the electronics retailer. In the nine week holiday period that ended on Jan. 4, Best Buy reported $11.45 million in revenue, down slightly from the 2012 holiday season of $11.75 million.
J.C. Penney has announced that it will close 33 under performing stores across the country and laying off 2,000 employees in an effort to save $65 million.
While Overstock.com announced last week that it has begun accepting Bitcoins as an online payment option, not all merchants are embracing the crypto-currency. The Chinese ecommerce platform Alibaba Group said in a statement that it has banned the controversial payment option from all its Taobao marketplaces.
The Barnes & Noble retail segment, which includes traditional brick-and-mortar stores and BN.com, released its 2013 holiday sales results which show a 6.6% decline compared to last year.
Rotunda Capital Partners has acquired a majority stake in Discount Ramps, LLC from the online retailer of transportation and hauling products’ founder Joel Lederhause. The financial terms of the deal, which closed Dec. 20, were not disclosed.
In a continuing game of back-and-forth, Jos. A. Bank has rejected the acquisition proposal from Men’s Wearhouse, citing the billion dollar proposal was “significantly undervalued.”
FedEx released its second quarter financials on Dec. 18, which showed a net income of $500 million, up 14% from last year’s $438 million.
Backcountry.com, an online outdoor retailer, has expanded its global reach with the acquisition of Bergfreunde.de, an ecommerce company that caters to outdoor enthusiast in Germany, Austria, and Switzerland.
Aeropostale, a specialty retailer of casual apparel for young women and men, released its third quarter results, which showed a 15% decrease in net sales and comparable sales, which include the ecommerce channel. CEO Thomas P. Johnson said in the release that he was “disappointed in the overall performance as customer adoption is occurring more slowly than we would like against the backdrop of a challenging teen retail environment.”