Finance & Capital Management

Men's Wearhouse and Jos. A. Bank may be inching closer to a deal. Men’s Wearhouse announced that it had reached a nondisclosure agreement with its rival, setting up talks that could lead to a merger of the two retailers.

The two firms announced they are exchanging certain confidential information with each other and working in good faith to evaluate a potential combination.

As part of the agreement, Jos. A. Bank submitted a draft of a merger agreement to Men’s Wearhouse.

New York -- The Jones Group Inc. has scheduled a special meeting of The Jones Group shareholders for April 7, 2014 to consider and vote upon the previously announced merger agreement entered into with Sycamore Partners on Dec. 19, 2013. Under the agreement, affiliates of Sycamore Partners will acquire The Jones Group for $15 per share in cash, or about $1.2 billion.

Suffern, N.Y. -- Ascena Retail Group, the operator of Lane Bryant, Justice and Dress Barn stores, reported second-quarter profit of $31.9 million, down from $47.2 million in the year-ago period. Looking ahead, the company reduced its full-year adjusted earnings guidance to a range of $1.00 to $1.05 per share from its previous guidance range of $1.10 to $1.15 per share.

Sales increased to $1.27 billion from $1.24 billion last year. Same-store sales were flat.

Ascena Retail Group, the operator Lane Bryant, Justice and Dress Barn stores, cited increased spending on growth initiatives and a challenging sales climate for a second quarter profit decline and its second full year earnings guidance reduction in two months.

Atlanta - Michael P. Ryan, operational VP of Aaron’s Inc., has been named VP of franchising. Todd Evans, current VP of franchising, will be leaving Aaron's to pursue other opportunities.

Henri Rogers, senior regional manager for Aaron's Three Rivers region, will succeed Ryan as divisional VP of northern operations.

Lease-to-own retailer Aaron's has named Michael P. Ryan as VP of franchising. He replaces Todd Evans, who will be exiting the company. Henri Rogers, currently senior regional manager for Aaron's Three Rivers region, will succeed Ryan as divisional VP of Northern operations.

Tokyo – Mt. Gox, the Japan-based global bitcoin platform which unexpectedly went offline on Feb. 25, 2014, has filed for bankruptcy and publicly stated that hackers may have stolen as much as $500 million worth of bitcoins from the company and its users.

New York -- After over 25 years in business, Dots, an Ohio-based women’s fashion discount retailer, is closing its doors.  Store-closing sales will begin on Friday, March 1, with discounts on all merchandise, as well as store furniture, fixtures and equipment. Dots filed for Chapter 11 protection on January 20, 2014.