Apparel

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.

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.

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.

Dallas – Zale Corp. reported a 10% in net earnings during the second quarter of fiscal 2014, rising to $51 million from $41 million in the same quarter the prior year. However, revenues dipped 2% to $656 million from $671 million, while same-store sales rose 1.9%.

Zale attributed the decline in revenues primarily to the net decrease of 86 stores compared to fiscal 2013 and a decline in the Canadian exchange rate, partially offset by the 1.9% constant currency same-store sales growth.

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.

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.

A little more than a week after Signet Jewelers said it plans to acquire all of the issued and outstanding stock of Zale for $21 per share in cash consideration, Zale reported net earnings of $51 million in the second quarter, a 10% increase from $41 million in the prior-year period.

Same-store sales increased 1.9%, but revenues slipped 2% to $656 million from $671 million.

Jos. A. Bank 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.

San Francisco -- Gap Inc. on Thursday reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.

Gap reported net income of $307 million for the three-month period ended Feb. 1, better than the Street expected, down from $351 million in the year-ago period.

San Francisco -- Gap Inc. is bringing its Old Navy brand to China, with the opening of a store on March 1 on Shanghai’s famous Nanjing West Road.

The 22,000 –sq.-ft., three-level Shanghai Old Navy store is located in the Jing’an District, a major commercial area known for shopping, sightseeing, hotels and office buildings that draws thousands of locals and overseas visitors. The store features iconic elements from Old Navy’s U.S. flagship and such interactive features as touch-screen video games and game tables.