Ascena Retail Group, Inc. Announces Holiday Sales Results
Ascena Retail Group, Inc.(NASDAQ:ASNA)today announced sales results for the combined November and December Holiday period endedDecember 28, 2013. The Company also announced that, due to lower than planned Holiday sales, it is lowering earnings per share guidance for its current fiscal year endingJuly 26, 2014.
The Company noted that combined comparable store and e-commerce sales for the fiscal months of November and December increased 1% on a consolidated basis. The Company’s comparable store and e-commerce sales data is summarized below:
Combined Fiscal November and December
David Jaffe, President and Chief Executive Officer ofAscena Retail Group, Inc., commented, “A challenging Holiday selling season resulted in increased promotional activity. We successfully cleared excess inventory and have taken the necessary markdowns in the second quarter to transition cleanly into the spring season. As a result, we now believe full year adjusted diluted earnings per share guidance in the range of$1.10 to $1.15is more appropriate, versus our previous guidance of$1.25 to $1.30.”
The Company noted that its updated guidance for Fiscal 2014 excludes one-time, acquisition-related integration, restructuring and purchase accounting costs that may be incurred related to the Charming Acquisition. The Company further noted that its guidance is based upon various assumptions, including low single-digit spring season comparable store sales and continued double-digit e-commerce sales growth. For the full year, the Company continues to plan to open approximately 185 stores and close approximately 135 stores, ending the fiscal year with approximately 3,900Justice,Lane Bryant,maurices,dressbarnandCatherinesstores in operation.
The Company commented that it will be presenting at the 16thAnnualICR XChange Conferenceto be held at theJW Marriott Orlando Grande LakesinOrlando, FloridaonMonday January 13th9:30am EST. TheAscena Retail Groupinvestor presentation will be webcast live and can be accessed at www.ascenaretail.com
YesStyle and YesAsia Sponsor U-KISS in NYC
Online retailers YesStyle and YesAsia are proudly sponsoring the
New York leg of U-KISS First U.S. Tour,
organized by Mnet America. The first stop of the first United
States tour from South Korean boy-band U-KISS, the concert takes place
on January 9, 2014 at the Best Buy Theater in New York City, and will be followed by performances in
San Francisco on January 11,
and in Los Angeles. YesStyle and YesAsia are
giving away VIP experience packages containing concert tickets and backstage
passes via their Facebook pages.
Six-member South Korean boy-band U-KISS consists of members
Soohyun, Kiseop, Eli, AJ, Hoon and Kevin, and was formed by NH Media in 2008.
The group name is an acronym that stands for Ubiquitous Korean International
idol Super Star. U-KISS is known for being multilingual, with members boasting
fluency in Korean, English, Japanese, Mandarin Chinese, Cantonese Chinese,
Spanish, and Portuguese. Aside from a homegrown K-pop career, the group has
recorded Japanese-language albums, and has also participated in television
dramas, variety shows and films.
The largest online retailers of Asian fashion and entertainment
products, YesStyle and YesAsia are known for the depth and variety of their
Korean entertainment, fashion and lifestyle products. The companies'
involvement with Asian arts and fashion is reflected in their support of Asian
artists and events, including many K-pop events like Super Junior's Super Show
5 World Tour in London, CN Blue's Blue Moon
World Tour in Sydney, the 11th Korean Music
Festival at the Hollywood Bowl in Los Angeles,
K-Pop Festival - Music Bank Hong Kong 2012, and the Wonder Girls Wonder World
Tour 2012 in Singapore. Previously, YesStyle and
YesAsia sponsored KCON 2013, a Korean entertainment convention in Los Angeles also organized by Mnet America.
Angela S. Killoren, Chief Marketing Officer,
CJ E&M, expressed her appreciation of YesStyle and YesAsia's sponsorship.
"As the U.S. home for the best of Asian entertainment, Mnet America
appreciates YesStyle and YesAsia's long-standing support," said Lee.
"Our latest partnership for the U-KISS First U.S. Tour's New York engagement reflects our shared commitment to
getting fans around the world closer to the excitement of KPOP."
About U-KISS First U.S. Tour
The first United States tour from K-pop boy-band
U-KISS, the U-KISS First U.S. Tour is a three-stop concert tour taking place in
early 2014. Performances and dates include January 9th
at the Best Buy Theater in New York City, January 11th at the Warfield Theater in San Francisco, and January 14th
at Club Nokia LA Live in Los Angeles. U-KISS
First U.S. Tour is organized by Mnet America, a youth entertainment brand using
video, digital, experiential and social media channels to reach fans of Asian
pop culture, lifestyle and entertainment in the United
States. Mnet America is the first U.S. television property of CJ
E&M, Asia's leading entertainment company
and a unit of the CJ Group. For more information, visit http://www.mnetamerica.com
About YesStyle YesStyle is the world's largest online Asian fashion retailer,
offering a wide range of high-quality fashion, jewelry, accessories and beauty
products, all carefully selected by in-house stylists. Launched in 2006, http://www.yesstyle.com
allows customers to browse over 300 fashion brands from Tokyo, Seoul, Taipei and Hong Kong.
To serve growing customer bases around the world, YesStyle launched http://www.yesstyle.com.au
and http://www.yesstyle.com.hk in 2010, http://www.yesstyle.co.uk and http://www.yesstyle.ca
in 2011. Highlighting the latest trends and styles, YesStyle is dedicated to
providing the best platform for Asian designers and fashion brands to connect
with international customers.
About YesAsia Founded in 1998, YesAsia.com is headquartered in Hong Kong with regional offices in Japan and South Korea.
YesAsia.com has carved itself a niche as a leading Internet source for a wide
range of Asian entertainment products, including music, videos, anime, games,
books, electronics, toys and collectibles. YesAsia.com has a global base of
over one million customers in more than 150 countries. For more information,
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L Brands, Inc. reported net sales of $2.098
billion for the five weeks ended Jan. 4, 2014,
compared to net sales of $1.947 billion for the
five weeks ended Dec. 29, 2012. The company
reported a comparable store sales increase of 2 percent for the five weeks
ended Jan. 4, 2014, compared to the five weeks
ended Jan. 5, 2013.
The company reported net sales of $10.042
billion for the 48 weeks ended Jan. 4, 2014,
an increase of 6 percent compared to net sales of $9.472
billion for the 48 weeks ended Dec. 29,
2012. The company reported a comparable store sales increase of 2 percent
for the 48 weeks ended Jan. 4, 2014, compared to
the 48 weeks ended Jan. 5, 2013.
The company now expects fourth quarter earnings per share of
approximately $1.60, compared to its previous
forecast of $1.67 to $1.82. The decrease
versus its previous forecast is primarily the result of lower than forecasted
merchandise margins due to incremental promotional activity.
To hear further commentary provided on L Brands' prerecorded
December sales message, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto www.lb.com for an audio
ABOUT L BRANDS: L Brands, through Victoria's Secret, Pink, Bath & Body
Works, La Senza and Henri Bendel, is an
international company. The company operates 2,659 specialty stores in the United States and its brands are sold in about 800
company-operated and franchised additional locations world-wide. The
company's products are also available online at www.VictoriasSecret.com,
Thank you for reading this apparel company article on the
Century 21 The Big Game Sweepstakes
Century 21 Department Store announced today it will give away
two tickets to the most anticipated game of the year and a $250 Century 21 gift card to one lucky winner in
"The Big Game" sweepstakes.
For three weeks only starting today, December
30th through January 20th,
Century 21 shoppers can enter to win the big prize online at C21Stores.com/biggame.
The winner will be announced via e-mail on Friday, January
About Century 21 Department Store:
Century 21 Department Store, established in 1961, is legendary for its
exceptional offering of pure designer merchandise in every category at 40-65%
off retail every day. A leader in high-end fashion retail for over 50 years, Century
21 Department Store offers men's, women's and children's apparel, footwear,
outerwear, lingerie and accessories along with cosmetics and home goods at
select stores. The retailer is headquartered in Downtown
Manhattan, with four other locations in New York
including Lincoln Square, Brooklyn,
Queens, Long Island
and three additional locations in New Jersey
including Paramus, Morristown
and Elizabeth as well as online at C21Stores.com.
The Jones Group Announces Agreement To Be Acquired
The Jones Group Inc. (NYSE: JNY) ("The Jones Group" or the "Company") and Sycamore Partners yesterday announced that they have entered into a definitive agreement pursuant to which affiliates of Sycamore Partners will acquire The Jones Group for$15.00per share in cash, or a total of approximately$1.2 billion. The transaction is valued at approximately$2.2 billion, including net debt. Upon completion of the transaction, The Jones Group will become a privately held company.
Under the terms of the agreement, The Jones Group's shareholders will receive$15.00in cash for each share of The Jones Group's common stock. This represents a premium of approximately 19% to The Jones Group's 30-day volume weighted average stock price for the period endedApril 11, 2013, the last trading day prior to when media speculation began regarding the Company's plans to sell all or parts of its portfolio. The agreement was unanimously approved by The Jones Group's Board of Directors.
Sidney Kimmel, The Jones Group Founder and Chairman of the Board of Directors, said: "We are pleased to have reached this agreement, which we believe is a positive development for all of our stakeholders. This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands. I am proud of our heritage and believe The Jones Group's brands will thrive through our partnership with Sycamore."
Wesley R. Card, The Jones Group Chief Executive Officer, said: "This transaction is a result of diligent analysis and thoughtful strategic deliberations over many months with the assistance of our advisors. This all-cash transaction delivers immediate and compelling value to our shareholders. Sycamore Partners is an experienced investor in the retail sector, and, as a private company, Jones will have the flexibility to help our brands reach their true potential. We look forward to continuing to deliver exceptional products that resonate with our customers."
Stefan Kaluzny, Managing Director of Sycamore Partners, said: "We are honored that the Board of The Jones Group has entrusted Sycamore Partners as the steward of this portfolio of iconic brands. We look forward to a successful partnership with the Company's talented associates as we continue to serve The Jones Group's many loyal customers."
The acquisition, which is structured as a one-step merger with The Jones Group as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The acquisition requires the affirmative vote of a majority of the votes cast by the holders of outstanding shares of the Company's stock, which will be sought at a special meeting of shareholders. The transaction is currently expected to close in the second quarter of 2014.
In connection with the merger agreement,Wesley R. CardandRichard Dickson, President and Chief Executive Officer, Branded Businesses at The Jones Group, who in the aggregate are holders of approximately 2.9% of the Company's stock, have each signed customary support agreements pursuant to which they have agreed to vote their shares in favor of the merger.
Citigroup Global Markets, Inc. is acting as lead financial advisor to The Jones Group and Peter J. Solomon Company is acting as financial advisor to the Company's Board of Directors. Cravath, Swaine & Moore LLP is acting as legal advisor to The Jones Group and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to the independent directors of the Company's Board of Directors. BofA Merrill Lynch and Guggenheim Securities, are acting as financial advisors to Sycamore Partners. Winston & Strawn LLP, Simpson Thacher & Bartlett LLP and the Law Offices ofGary M. Holihan, P.C. are acting as legal advisors to Sycamore Partners.
About The Jones Group Inc.
The Jones Group Inc. (www.jonesgroupinc.com) is a leading global designer, marketer and wholesaler of over 35 brands with product expertise in apparel, footwear, jeanswear, jewelry and handbags. The Jones Group has a reputation for innovation, excellence in product quality and value, operational execution and talent. The Company also markets directly to consumers through branded specialty retail and outlet stores, through concessions at upscale department stores and through its e-commerce sites.
The Company's internationally recognized brands and licensing agreements (L) include: Nine West, Jones New York,Anne Klein,Kurt Geiger,Rachel Roy(L),Robert Rodriguez, Robbi & Nikki,Stuart Weitzman,Brian Atwood(L), Boutique 9, Easy Spirit, Carvela,Gloria Vanderbilt, l.e.i., Bandolino,Enzo Angiolini, Nine & Co., GLO, Joan & David, Miss KG, Kasper, Energie, Evan-Picone,Le Suit, Mootsies Tootsies, Grane, Erika, Napier,Jessica Simpson(L), Givenchy (L),Judith Jack,Albert Nipon, Pappagallo and Rafe (L).
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. Sycamore raised its first fund in 2011 with more than$1 billionin commitments from leading foundations, endowments, family offices, pension and sovereign wealth investors. Sycamore specializes in consumer- and retail-related investments, and its strategy is to partner with established management teams to improve the operating performance of their businesses. The firm's investment portfolio currently includes Hot Topic, Inc.; The Talbots, Inc.; MGF Sourcing; and Pathlight Capital. For more information, please visitwww.sycamorepartners.com.
Loehmann's Going Chapter 11 Again
Loehmann's has filed for
bankruptcy and plans to liquidate its business.
Loehmann's Holdings filed for
Chapter 11 bankruptcy protection in federal bankruptcy court in Manhattan this
past Sunday (December 15, 2013). They
indicated in filings that it plans to sell its remaining assets in an auction
subject to the court's approval.
The New-York based retailer,
which has 39 stores and its online operations, said in a statement that its
business was effected by increased competition in the off-price retail niche
and limited access to capital.
The company had previously filed
for bankruptcy protection in 2010 due to overwhelming debt and emerged in 2011.
It also filed for Chapter 11 reorganization in 1999, emerging in 2000 after
closing 25 stores.
SB Capital Group, Tiger Capital
Group and A & G Realty Partners, which have handled other retailer
liquidations, have agreed to make an initial bid of $19 million for Loehmann's
assets, according to court documents. The auction is expected to begin Dec. 30
and be approved by the court in early January.
Elegance undone, imbued with unmistakable sex appeal, inspired
by the feeling of freedom and the warmth of the sun. Kate
Moss strips down, literally and figuratively, in Stuart Weitzman's Spring 2014 ad campaign
to reveal the definitive essence of effortless summer style. Photographed again
by Mario Testino, in keeping with what is now an
iconic visual vocabulary, the campaign invokes a sun-kissed and sensual energy,
hinting at long, languid days in St. Tropez, with luxury footwear that
seduce from day to night
Minimal make-up, wet hair and barely-there cover-ups enhance
this laid-back, luxe Bohemian look. It provides a glimpse of the supermodel at
her most beautiful. Sublime simplicity. Such simplicity is a key theme for the
new Stuart Weitzman collection, evidenced most distinctly with the introduction
of THE NUDIST. Sexy, strappy, sleek, minimal – this sandal is as close to bare
as a fashionable foot can get.
Moss, who debuted as the face of the Stuart Weitzman brand in
the Spring 2013 ad campaign, was chosen because of her unparalleled status as a
global style icon. Moss exudes a sense of style and confidence that every woman
aspires to emulate and in 2014, she is walking in Stuart Weitzman shoes.
In the world of Stuart Weitzman, "sexy" means being
comfortable and confident in your own skin, and the campaign captures this
essence in a relaxed, effortless, chic way while clearly showcasing the new
season's essential silhouettes. The international advertising campaign will
launch in the United States, Italy, France, England, Canada, Dubai, Germany, Spain and Asia. Outdoor
advertising (billboards and kiosks) will run in Los
Angeles, New York, Miami, Milan, Paris and Hong Kong.
Behind-the-scenes video and additional creative content will be featured on www.stuartweitzman.com
and in Stuart Weitzman boutiques worldwide.
Stuart Weitzman is a division of The Jones Group Inc. (NYSE:
ABOUT STUART WEITZMAN
A little obsessed with
Stuart Weitzman Holdings LLC, a global leader in designer
footwear, operates 45 retail stores across the United
States, including New York, Beverly Hills, Chicago,
Boston and Las Vegas. The company also has
59 international stores and is sold in more than 70 countries. A luxury brand built upon the
idea of creating a beautifully constructed shoe, founder and designer Stuart
Weitzman's main objective has always been to merge fashion and function. The
first thing a women puts on in the morning and the last thing she takes off at
night, his shoes are designed to feel as good as they look and to look as good
as they feel.
ABOUT THE JONES GROUP INC.
The Jones Group Inc.
is a leading global designer, marketer and wholesaler of over 35 brands with
product expertise in apparel, footwear, jeanswear, jewelry and handbags.
The Jones Group has a reputation for innovation, excellence in product quality
and value, operational execution and talent. The Company also markets
directly to consumers through branded specialty retail and outlet stores,
through concessions at upscale department stores and through its e-commerce
The Company's internationally recognized brands and licensing
agreements (L) include: Nine West, Jones New York, Anne
Klein, Kurt Geiger, Rachel
Roy (L), Robert Rodriguez, Robbi &
Nikki, Stuart Weitzman, Brian Atwood (L), Boutique
9, Easy Spirit, Carvela, Gloria Vanderbilt,
l.e.i., Bandolino, Enzo Angiolini, Nine & Co.,
GLO, Joan & David, Miss KG, Kasper, Energie, Evan-Picone, Le Suit, Mootsies Tootsies, Grane, Erika, Napier, Jessica Simpson (L), Givenchy (L), Judith Jack, Albert Nipon,
Pappagallo and Rafe (L).
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ShopRagHouse, a new,
innovative startup that allows fashion fans to vote on submitted designs, is on
the way to reaching its $15,000 goal on Kickstarter
and ready to launch a whole new way for women to set their own rules in
ShopRagHouse is a virtual
Project Runway where users get to play the part of designer and judge. It
allows fashion enthusiasts to play a hands-on role in the industry, interacting
with designers from sketch to dress. It also allows aspiring designers a
chance to get their work directly in front of the people that matter
most—prospective buyers. The business model allows designers to get feedback
from consumers and build brand loyalty from day one.
The Kickstarter campaign
was launched on Nov. 20 and ends on Dec. 20 at 2:30 p.m. The
company has raised over 75 percent of its goal, and needs just $3,465 before the deadline. If ShopRagHouse does not meet
their goal by the deadline, they will lose the money already raised. The funds
will finance its launch collection, which will include up to 12 winning designs
chosen by members on the site.
ShopRagHouse was born out
of cofounders Bridgette L. Hylton's and Joana Florez's own frustrations trying to break into the
fashion industry and having little or no say in the clothes they bought.
"We are really
excited to be democratizing the fashion industry. Of course, we'd love to find
the next Marc Jacobs, but more importantly, we
want to have fun with fashion, because for us, that's what fashion is all
about," said Hylton.
ShopRagHouse is unique in
that its members decide which dresses and other clothing the company produces
by voting on designs and sometimes design elements. The company's first two
dresses, the Diana Dress and the Elsa Dress, sold exclusively online for a
special Kickstarter price of $145 each at http://kck.st/1iQ8e9W, are the result of member input on the site.
envision a community where fashion enthusiasts like us get to interact directly
with designers from the very beginning, and vice versa," said Florez.
"The response we have had so far is great. We're really excited to have
attracted designers from around the world."
The sale also delights shoppers with all-day discounts on top brands and categories for the whole family including:
·Cole Haan up to 75% off.
·Must-Have Boots: $39.99, $49.99, $69.99 and $99.99
·Puma: Head-to-Toe-Up to 70% off.
·Calvin Klein: Select Styles $69.99 or less.
·SKECHERS: Up to 70% off.
·Outdoor Clothing and Accessories: Select Styles $49.99 or less.
·DC: Select Styles $29.99 or less.
·Oakley: Up to 70% off.
·Asics: Up to 60% off.
·Clarks: Up to 70% off.
"The one thing missing this holiday season is extra time," says Kristen Whiteley, 6pm.com senior brand marketing manager. "Shoppers have one less week between Thanksgiving and Christmas, so 6pm.com wants to take the stress and the rush out of scoring that perfect gift. That's why we are hosting deals around the clock on Cyber Monday and then extending sales throughout the week on some of our biggest brands. Shopping from the comfort of your home has never been so stylish!"
Score More—On Social 6pm.com is gifting their social community this year, with exclusive deals for social friends and followers. On Dec. 4, only those who have become fans of 6pm.com on Facebook will gain access to an exclusive nighttime sale on athletic gear at up to 70 percent off. To keep the gifting spirit alive, social followers can also grab some last-minute deals during the final nightime sale on Dec. 18, with amazing prices on Ugg, Reebok, Nine West and more. Exclusive coupons will be shared with social followers during those sales.
For more ways to Score on the Style, Score on the Price visit 6pm.com on Instagram, Pinterest, Twitter and Facebook. And remember—shipping is free but you need to order before Dec.16 to ensure your gifts arrive before the holidays!
ABOUT 6PM.COM At 6pm.com, we have cultivated relationships with top vendors and brand-name designers around the world, allowing us to offer in-demand shoes, clothing and accessories for everyone in your family at an unbeatable price—always 30-75 percent off.
We offer twice the shopping satisfaction of other online retailers as we help 6pm.com customers Score on the Style and Score on the Price. We delight our brand shoppers with on-trend, in-season styles and we surprise our value shoppers with name-brands at deep discounts. We are proud to bring exclusive items to our customers too, with brand partners designing unique products only available through 6pm.com.
Claire's Stores Third Quarter Fiscal 2013 Earnings Call
In conjunction with the Claire's Stores release of its results for the quarter ending November 2, 2013, management will host a conference call.
Claire's Stores, Inc. Third Quarter Earnings Conference Call
Wednesday, December 4, 2013 at 10:00 a.m. EST (7:00 a.m. PST)
Dial in (domestic): 888-790-4233
Dial in (international): 210-839-8201
Participant Code: CLAIRES
The conference call will be archived on the Company's website, www.clairestores.com, through January 4, 2014, and may also be downloaded as an MP3 file.
Dial in (domestic): 888-567-0467
Dial in (international): 203-369-3886
Claire's Stores, Inc. is one of the world's leading specialty retailers of fashionable jewelry and accessories for young women, teens, tweens and girls ages 3 to 35. The Company operates through its two store concepts: Claire's® and Icing®. As of November 2, 2013, Claire's Stores, Inc. operated 3,118 stores in 18 countries throughout North America, Europe, and China. The Company also franchised 414 stores in 26 countries primarily located in the Middle East, Central and Southeast Asia and Central
DSW Inc. Reports Third Quarter 2013 Financial Results
·First nine months Reported sales increase 8.0% to $1.80 billion; comparable sales increase 0.2%
·Third quarter Reported EPS rises to $0.60 per share on a post-split basis, including net income of $0.01 per share from our luxury test
·Third quarter Adjusted EPS rises to $0.58 per share on a post-split split basis ($1.17 on a pre-stock split basis), an increase of 14% over last year
·Full year Adjusted EPS guidance of $1.80 to $1.90 per share on a post-split basis, assuming flat same store sales growth
·Board of Directors approve a quarterly dividend of $0.125 per share
Read more at their website.
Catwalk Glamour Affordable Luxury Christmas 2013
UK-based online fashion retailer, Catwalk Glamour, has launched a new range of affordable glamour products in a bid to help Christmas shoppers lessen the blow of Christmas expenditure, without compromising quality. Recent research shows that average families spend between £500 to £700 during Christmas for presents and gifts. Catwalk Glamour, an online destination for affordable fashion, beauty and accessories believes it can be done otherwise.
The expert buyers behind the website understand fashion and accessories well and want designer-like bags, scarves and jewellery to be both accessible and affordable. Taking inspiration from new designer releases and celebrity trends, they offer a constantly updated selection of trendy totes, luxe scarves and sparkling bracelets.
Nathan Pickard, CEO and co-founder of Catwalk Glamour commented:
"If, like me, you find Christmas shopping a stress & want to avoid that mad dash around town trying to find the perfect present, even if it's for yourself, you'd love to go the Catwalk Glamour route. Our unique collection of affordable, luxury accessories & gifts can't be found in every store and will hopefully help make Christmas that little bit more special."
Nathan urges shoppers to take the smarter route to Christmas gifting this year by focusing on decorations, meals and family time, leaving Catwalk Glamour to take care of the gift headaches.
"There's free delivery over £25 and up to 60% off scarves, wraps and jewellery at present to ramp up the festive cheer."
The latest range of products available from the site include print scarves, featuring Prague's cityscape, double-sided paper print scarves with mesmerising floral detail, ethically sourced cashmere and silk Pashminas that are the epitome of elegance and sparkling crystal bracelets that can give designer brands a run for their money. One standout product that looks set to be a hit this Christmas is the irresistible 10 piece synthetic brush set that comes housed in a lush patent leather case.
The Men's Wearhouse today responded to a request by Jos. A. Bank to conduct due diligence related to the unsolicited, highly-conditional and non-binding proposal by Jos. A. Bank to acquire The Men's Wearhouse, Inc. The Jos. A. Bank proposal is subject to financing, due diligence and regulatory approval conditions.
Following receipt of the due diligence request, the Men's Wearhouse Board of Directors met and, in consultation with its outside financial and legal advisors, concluded that it is not in the best interest of the Company's shareholders to provide Jos. A. Bank with access to nonpublic information concerning Men's Wearhouse. In responding to the due diligence request, the Board noted its determination that the highly-conditional Jos. A. Bank $48.00 per share proposal significantly undervalues Men's Wearhouse.
Douglas S. Ewert, President, Chief Executive Officer and a director of Men's Wearhouse said: "Our Board and management team are committed to creating value for our shareholders. We are enthusiastic about Men's Wearhouse's prospects and are confident that our strategic plan will deliver more value to our shareholders than Jos. A. Bank's inadequate, highly conditional proposal. We thank our shareholders for the support we have received."
The Men's Wearhouse Board, in consultation with its financial and legal advisors, previously evaluated and rejected an unsolicited, highly-conditional and non-binding proposal from Jos. A. Bank to acquire Men's Wearhouse for $48.00 per share in cash, subject to substantial debt and equity financing, due diligence and regulatory approval. The Men's Wearhouse Board concluded that the proposal significantly undervalued Men's Wearhouse and its strong prospects for continued growth and value creation, and was not in the best interests of Men's Wearhouse or its shareholders.
BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,137 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.
This press release contains forward-looking information. Forward-looking statements are not guarantees of future performance and a variety of factors could cause actual results to differ materially from the anticipated or expected results expressed in or suggested by these forward-looking statements. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including, but not limited to: actions by governmental entities, domestic and international economic activity and inflation, success, or lack thereof, in executing our internal operating plans and new store and new market expansion plans, including successful integration of acquisitions, performance issues with key suppliers, disruption in buying trends due to homeland security concerns, severe weather, foreign currency fluctuations, government export and import policies, aggressive advertising or marketing activities of competitors; and legal proceedings. Future results will also be dependent upon our ability to continue to identify and complete successful expansions and penetrations into existing and new markets and our ability to integrate such expansions with our existing operations. Other factors that may impact the forward-looking statements are described in the Company's annual report on Form 10-K for the fiscal year ended February 2, 2013 and Forms 10-Q.
Thank you for reading this fashion industry news on the Fashion Newspaper website.We hope that you have found this article to be beneficial to you.
Lane Bryant Joining NJ Shopping Center
Bey Lea Plaza welcomes Lane Bryant this Friday
Lane Bryant, the nation's leading women's curvy apparel retailer, and Cacique, Lane Bryant's exclusive intimate apparel line
In an effort to offer fashion for everyday and style just for you the pioneer in plus size apparel expands with a new store in Toms River, New Jersey, across from the Ocean County Mall. The store will officially open to the public this Friday, November 1st at Bey Lea Plaza, a shopping center in the area that also houses Bed Bath and Beyond, Toys "R" Us and Babies "R" Us.
The store will celebrate its Grand Opening from Friday, November 1st - Sunday, November 3rd. Customers that shop at the Toms River location over the weekend will be able to enter for their chance to win one of 150 $25 Lane Bryant gift cards.
$25 Gift Card Sweepstakes: Friday, November 1 - Sunday, November 3
Bey Lea Plaza
1232 Hooper Ave.
Toms River, NJ 08753
About Lane Bryant®: Lane Bryant® is the nation's leading women's curvy specialty apparel retailer, providing stylish and high-quality fashion in sizes 14-28. The Lane Bryant® collection includes a wide selection of career to casual apparel as well as accessories, footwear, hosiery and Cacique® intimate apparel. Lane Bryant® operates over 800 full-line and outlet stores in 48 states nationwide, targets plus-size women ages 30-45, and caters to women's sizes 14-28. Their highly regarded brand of intimates, Cacique, is a Lane Bryant exclusive and is famous for fit solutions and fashion styling in bras, panties, sleepwear, swimwear and more. Cacique is designed for women's sizes 12-34 and bra sizes 36-50 B-H. Lane Bryant® is a wholly-owned subsidiary of Ascena Retail Group, Inc. (Nasdaq: ASNA). Please visit lanebryant.com and cacique.com for store locations and the latest fashion trend information.
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RG Barry Brands to Report 1st Quarter 2014
R.G. Barry Corporation will announce its 1st Quarter fiscal 2014 operating results and conduct a conference call and Webcast on Tuesday, Nov. 5, 2013.
The Company will issue a news release detailing its performance at 8 a.m. Eastern Time that day. Senior management will then discuss its operating results and business outlook during a conference call/webcast planned for 9 a.m. Eastern Time.
To listen via the Internet, log on tohttp://www.videonewswire.com/event.asp?id=96753. The conference call will be available at 800.860.2442 (U.S.), 866.605.3852 (Canada) and +1.412.858.4600 (international) until five minutes before starting time.
Replays will be available beginning approximately one hour after the call conclusion and running and through 9 a.m. Eastern Time, Nov. 20, 2013 at 877.344.7529 (U.S.) and +1.412.317.0088 (Canada/international); ask for conference 10036385. Replays and a written transcript of the call will be posted for up to one year in the Investor Room section of rgbarry.com.
About RG Barry RG Barry develops accessories brands that provide fashionable, solution-oriented products for a great life. Our primary brands include: Dearfoams slippers dearfoams.com; baggallini handbags, totes and travel accessories