JoS. A. Bank speeds up store expansion

HAMPSTEAD, Md. JoS. A. Bank announced the acceleration of its store expansion program in fiscal year 2010. The company plans to open 30 to 40 new stores in fiscal year 2010, an increase over the 10 to 15 new stores it plans to open in fiscal year 2009.

The company noted that it has opened over 350 of its 467 stores in the past ten years and it expects to open at least 130 additional stores as part of its long-term plan to operate 600 stores.

"We are pleased to announce our plans to accelerate the pace of our new store openings in fiscal year 2010,” noted R. Neal Black, president and CEO of JoS. A. Bank. “Quality real estate opportunities are beginning to open in the marketplace and we are ready to expand our store base at a more rapid rate. We believe we are poised to take advantage of these opportunities as a result of our strong financial position. We have a proven ability to open 60 stores a year and these future store openings will put us back on the track we were on prior to the national economic crisis,” continued Black.