Fremont, Calif. - Jos. A. Bank has reached an early termination agreement with Jim's Formal Wear, effective Dec. 31. The company will record a one-time charge of $4.5 million in its fiscal 2014 third quarter in connection with early termination of this contract to supply tuxedo rental inventory and logistics.
"We are pleased about the early termination of the Jim's Formal Wear contract to supply tuxedo rental inventory to Jos. A. Bank,” said Doug Ewert, president and CEO of Jos. A. Bank parent company Men's Wearhouse. “As of Jan. 1, 2015 we will be leveraging our internal tuxedo rental inventory and logistics to serve the Jos. A. Bank tuxedo operations."