Casual

Fremont, Calif. – The Men’s Wearhouse has rejected the unsolicited proposal by Jos. A. Bank to acquire the company for $48 per share, or about $2.3 billion.

Men’s Wearhouse said in a press release that the offer significantly undervalues the company, is inadequate and not in the best interests of the company or its shareholders.

Stein Mart experienced strong sales in linens, ladies' boutique, gifts, ladies' career sportswear and women's in September, which bolstered the company’s total sales for the month.

Total sales were $112.20 million, an increase of 7.3% compared to September 2012. Comparable store sales increased 5% compared to last September’s increase of 2.4%.

The Men’s Wearhouse has rejected Jos. A. Bank’s offer to acquire the retailer for about $2.3 billion in a $48 per share all-cash offer, and Jos. A. Banks is not taking no for an answer. 

The acquisition would create a men’s apparel powerhouse with more than 1,700 stores across the nation. However, the Men’s Wearhouse said in a press release that the unsolicited offer significantly undervalues the company, is inadequate and not in the best interests of the company or its shareholders.

New York – Jos. A. Bank Clothiers has put in an offer to acquire Men’s Wearhouse for about $2.3 billion in a $48 per share all-cash offer, Reuters reported.

The acquisition would create a men’s apparel powerhouse with over 1,700 stores across the nation. Jos. A. Bank said Men’s Wearhouse was reviewing the proposal, according to the report.

Jos. A. Bank is partnering with Golden Gate Capital on the offer. The investment firm would make a $250 million equity investment in the company.

Denton, Texas — Body Central will open a new location at Golden Triangle Mall in Denton, Texas, on Oct. 9. The specialty women’s apparel retailer operates more than 200 stores in 23 states across the U.S., under the Body Central and Body Shop banners.

Golden Triangle, Denton’s only mall, features Macy’s, Dillard’s, J.C. Penney, Sears, Barnes & Noble and DSW Shoe Warehouse as anchors. Cencor Realty Services manages the mall, and The Weitzman Group and MG Herring Group handle the leasing.

 

New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, agreed to sell its Juicy Couture brand to Authentic Brands Group for $195 million, according to various reports.  

"This decision is the result of a process we began last year—studying our resource allocation needs, our capital structure, and the operating risks and opportunities associated with a three-brand portfolio while still maximizing shareholder value," said William McComb, CEO of Fifth & Pacific, in a statement.

Columbus, Ohio – Lane Bryant officially reopens its store at the West Towne mall in Madison, Wis. on Friday, Oct. 4 with a new look. On the same day Lane Bryant opens a new store in Houston.

The store will celebrate its grand opening at both stores from Oct. 4 through Oct. 6. Customers who shop at those location during the weekend will be able to enter for a chance to win one of 150 $25 Lane Bryant gift cards.

 

Bohemia, N.Y. -- FrontStreet Facility Solutions announced that Brian French will join the executive leadership team as VP of operations. French is the former president of Cairn Development.
 

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Warrendale, Pa. -- Rue21 stockholders have approved the previously announced merger agreement under which funds advised by Apax Partners will acquire the shares of Rue21 for $42 per share in cash. Approximately 99.7% of the shares voted at today’s special stockholder meeting voted in favor of the agreement.