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Game over? Jos. A. Bank terminates proposal to acquire Men’s Wearhouse
Following a heated back-and-forth between Jos. A. Bank and the Men’s Wearhouse, which culminated in an ultimatum, Jos. A. Bank Clothiers has terminated its acquisition proposal.
As previously reported, Jos. A. Bank had advised the Men's Wearhouse board that it would terminate its all-cash proposal to purchase the company for $48 per share if the board failed to “engage in good faith negotiations” by Nov. 14. The day came and went and the companies continued in a deadlock.
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Sam’s Club earns Q3 bragging rights
Sam’s Club was Walmart’s best performing division during the third quarter and holiday plans outlined by president and CEO Rosalind Brewer suggest that could be the case in the fourth quarter as well.
Same store sales at Sam’s increased 1.1% and total sales increased 2.1% to $12.4 billion a while with traffic was up among both business and individual members. Operating profit increased 9.2% to $474 million.