Jos. A. Bank Confirms It's Seeking Acquisitions
Jun 22nd 2013 11:19AM
Updated Jun 22nd 2013 11:20AM
Would anyone care to sell a fine asset to a network of gentlemen's clothing stores? Jos. A. Bank is trying to find out the answer to that question. In a press release, the company revealed that it "has been and is considering strategic opportunities to enhance shareholder value, including seeking potential acquisitions."
For assistance, the clothing purveyor has retained the advisory services of privately held financial-services company Financo. Jos. A. Bank said it is interested in potential acquisition targets "that are strategically sound and accretive in the long run."
It's a question of whether this is the ideal time for the company to hunt for a new asset. In its most recent quarter, it saw net profit decline by 45% on a year-over-year basis, although its key financials broadly met analyst expectations.
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