John Ciambruschini began learning to handcraft garments as a teenage apprentice to his father in Rome, tailoring made-to-order suits, slacks, dresses and skirts. Now 75, he heads design and quality for men's apparel retailer Jos. A. Bank Clothiers Inc.
Just as its offer was rejected, Jos A. Bank Clothiers Inc. rejected the $1.2 billion turn-table acquisition bid by The Men's Wearhouse Inc. on Monday, but most observers still believe a merger is inevitable.
It could be a while before Jos. A. Bank Clothiers formally responds to the takeover offer from its rival Men's Wearhouse as executives focus on the key holiday retail selling season and other potential acquisitions.
The largest shareholder of The Men's Wearhouse Inc. is once again calling for the retailer to resume merger talks with Hampstead-based Jos. A. Bank Clothiers Inc. and hired a strategic adviser to help the effort.
Jos. A. Bank Clothiers Inc. withdrew its $2.3 billion offer for Men's Wearhouse on Friday, but left the door open for future merger talks. Meanwhile, Men's Wearhouse's largest single shareholder called a special shareholders meeting to consider removing directors from the retailer's board.
The CEO of Men's Wearhouse told the retailer's financial advisors to review a merger with Jos. A. Bank Clothiers Inc. and other potential strategies and present options to the company's board, according to a letter from Men's Wearhouse's largest shareholder.
The sale of upscale men's shoemaker Allen Edmonds Corp. to a private equity firm could help Hampstead-based Jos. A. Bank Clothiers Inc. in its so-far unsuccessful bid for The Men's Wearhouse, which rejected Jos. Bank's proposal and was instead reportedly considering buying Edmonds.