Jos A. Bank Properties
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About Jos A.
A. Bank Clothiers, Inc.
, also known by the abbreviated name JoS.
A. Bank Clothiers
a retailer of men's clothing, particularly known for its moderately-priced suits. The company, established in
1905, now sells its products through over 800 stores in 42 states and the District of Columbia, as well as
through a nationally distributed catalog and an e-commerce website.The
company has its headquarters in Hampstead
Charles Bank came to
Baltimore, Maryland, fromLithuania
and opened a small tailor shop in the city. By the start of the 20th century, he had branched out into the
manufacturing of pants and his grandson, Joseph A. Bank, joined his small company in 1898 as a cloth cutter when
he was 11 years old. Over the next ten years, Joseph became a wholesale salesperson, traveling in the South to
In 1905, Moses Hartz
established a men’s clothing manufacturing company which was taken over by his widow Lena Hartz in 1921. Their
daughter, Anna Hartz, was a traveling salesperson for the firm. Although they were rivals in business, Anna
married Joseph Bank. In 1922, Joseph joined forces with his new mother-in-law and formed L. Hartz and
This new company
manufactured and sold suits to retailers throughout the region.
Over the years, the
company grew and prospered and in 1940, they purchased a building on Hopkins Place in Baltimore
house their offices, showroom, shipping area and cutting department. In 1945, Joseph Bank and his son, Howard,
bought out the Hartz interest in the company and formed JoS. A. Bank and Co.
World War II,
there was a severe shortage of men's tailored clothing. A decision was made to specialize in that merchandise
and to sell directly to the consumer, rather than wholesale. As a result, a deal was struck with a retailer,
Louie's, Inc., in Washington, D.C.,
to sell their clothing.
In 1954, Joseph Bank died and operation of the company was assumed by
By 1981, JoS. A.
Bank had 11 retail stores and a growing catalog business. That year, the company was purchased by
the Quaker Oats
Company and became part of
their Specialty Retailing group along with Eyelab and Brookstone. That
relationship proved mutually beneficial, and by 1985, there were 25 stores. In 1986, Quaker decided to
concentrate its efforts on its core businesses and JoS. A. Bank once again became a privately owned corporation.
In 1992, their expansion included a franchise
In the spring of 1994, JoS. A. Bank Clothiers became a publicly owned company, trading its stock through
In 1998, JoS. A. Bank Clothiers sold its manufacturing division and now
out-sources its production. This has enabled the company to focus on its retail business. Much of the tailored
clothing is “factory direct”.
JoS. A. Bank launched its Internet site in August
On 12 November 2013,
Ricky Sandler, CEO of Eminence Capital LLC, published a letter he sent to Men's
Wearhouse CEO Douglas Ewert
discussing a merger with Jos. A. Bank Clothiers Inc as part of an ongoing attempt by JoS. A. Bank to merge with
2013, JoS. A Bank turned down the takeover offer from competitor Men’s Wearhouse, saying the $1.54 billion bid was
On February 14,
2014, Jos. A. Bank Clothiers announced plans to buy outdoor retailerEddie
Bauer in a $825
Wearhouse quickly filed a lawsuit to block the proposed deal, on the basis that it served only to make Jos. A.
Bank an undesirable acquisition target.
lawsuit was expedited by Delaware Judge J. Travis Laster, who agreed that the Eddie Bauer deal was likely
defensive posturing on the part of Jos. A. Bank. According to Laster, the Eddie Bauer transaction may well have
fallen “outside the range of reasonableness.”
ordered Jos. A. Bank to submit documents pertaining to the acquisition and required it to notify Men’s Wearhouse
at least 10 days before closing a deal with Eddie Bauer. On March 11, 2014, JoS. A. Bank and Men's Wearhouse
announced that both boards of directors had agreed to merge, with Men's Wearhouse acquiring Bank for $1.8
billion. As part of the deal, Bank would terminate its agreement to acquire Eddie Bauer.
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