Financial/Banking

Hampstead, Md. – Jos. A. Bank Clothiers Inc. has officially rejected Men’s Wearhouse’s latest $1.78 billion buyout offer. But in yet another twist to the long-running saga between the two companies, in open letter to Men’s Wearhouse president and CEO Douglas S. Ewert, Jos. A. Bank said it is willing to meet with its rival.

Chicago -- An overwhelming majority of retail CFOs (96%) expect merger & acquisition (M&A) activity to increase or remain consistent with 2013 levels during 2014. According to the new BDO Retail Compass Survey of CFOs, two-thirds of CFOs anticipate that the majority of deal activity will occur in the U.S., followed distantly by Asia-Pacific (17%) and Europe (8%).

Fort Myers, Fla. – Chico’s FAS’ profit was down sharply in the fourth quarter.

The retailer reported adjusted net income of $5.9 million for the quarter, ended Feb. 1, down from $32.7 million a year ago. The adjusted results exclude the impact of tax charges related to its purchase of Boston Proper, and other acquisition costs.

Hampstead, Md. – Goldman-Sachs Group, sole underwriter of a $400 million bridge loan supporting Jos. A. Bank’s tentative acquisition of Eddie Bauer, is reportedly postponing the loan. According to the Wall Street Journal, Goldman Sachs had previously set a Feb. 27, 2014 deadline for investors to commit to purchasing portions of the loan, and has not yet set a new deadline.

American Greetings has promoted Gregory Steinberg to CFO, effective March 1. Steinberg was most recently the company's corporate treasurer.  

He will be responsible for all finance functions at the company. The previous CFO, Stephen J. Smith, recently resigned to accept another employment opportunity.

Columbus, Ohio – L Brands Inc. saw its fourth-quarter profit increase 19% as the prior year was negatively impacted by special charges. The owner of Victoria’s Secret, Bed, Bath & Body Works and other brands earned $489.6 million for the quarter that ended Feb. 1, compared to $411.4 million, in the prior year.

Revenue for the quarter, which included an extra week, declined to $3.82 billion from $3.86 billion. Same-store sales were up 1%.

For the full year, L Brands earned $903 million, and reported sales of $10.77 billion.

New York – Billionaire investor Carl Icahn, who released an open letter criticizing the board of EBay for conflicts of interest on Feb. 24, has released a second open letter outlining what he calls six facts about questionable decisions by the current EBay board.