Men’s Wearhouse rejects Jos. A. Bank take-over proposal — again
Fremont, Calif. — Men’s Wearhouse again rejected a $2.3 billion takeover bid by Jos. A. Bank, refusing to allow it confidential access to its books. Last week, Jos. A. Bank sent a letter to Men’s Wearhouse, hinting that it might raise its proposed takeover offer above $48 a share if it was allowed to conduct due diligence.
In a statement on Monday, Men’s Wearhouse once again reiterated its belief that its own turnaround plan would be better for shareholders.
In a statement, Men’s Wearhouse CEO Douglas S. Ewert said: "Our board and management team are committed to creating value for our shareholders. We are enthusiastic about Men’s Wearhouse’s prospects and are confident that our strategic plan will deliver more value to our shareholders than Jos. A. Bank’s inadequate, highly conditional proposal. We thank our shareholders for the support we have received.
Jos. A. Bank wasted no time in responding to Men’s Wearhouse latest rejection.
"We are disappointed that the board of Men’s Wearhouse has rejected our request for information and thereby chosen not to explore the potential of Jos. A. Bank’s proposal for the benefit of their shareholders," said Robert N. Wildrick, chairman of the board of Jos. A. Bank. "Their board’s position is a matter for consideration by the shareholders of Men’s Wearhouse. For our part, we stand by our previous statement and will keep our proposal open until November 14, 2013."
Von Maur heads to sweet home Alabama
Von Maur has opened its first location in Alabama, just outside of Birmingham, at Riverchase Galleria in Hoover. The 185,000-sq.-ft. store is one of the largest locations in the country.
"After opening our first Southeastern location two years ago, we couldn’t be more excited to continue building on our success in the region with the addition of our first Alabama location at Riverchase Galleria," said Jim von Maur, president of Von Maur. "Our combination of beautiful merchandise, customer service and attention to the overall shopping experience will be an excellent addition to the mall. We look forward to becoming one of the go-to shopping destinations for area residents and Birmingham visitors."
Located at the mall’s former Macy’s location, the store underwent a full reconstruction and now features Von Maur’s signature exterior brick façade with arching entryways. The store has an open expansive floor plan. An interactive, life-size tree in children’s is designed to entertain Von Maur’s youngest shoppers, while an antique pub display piece, motorcycle and multiple televisions offer enjoyment in the men’s areas.
"I guarantee the people of metro Birmingham will become avid and loyal shoppers of Von Maur," said Christopher White, marketing manager of Riverchase Galleria. "Not only does the Company offer an exceptional selection of luxury brands, but its attention to customer service and detail will certainly leave shoppers equally impressed. To have such a high caliber department store is without question a great achievement for the mall."
Von Maur was founded more than 140 years ago in downtown Davenport, Iowa. The company currently operates 29 stores in 13 states, along with a 120,000-sq.-ft. e-commerce facility that drives its online business at vonmaur.com.
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Google: Millennials most likely to do online, mobile holiday shopping
Mountain View, Calif. – Millennial consumers age 18-34 are most likely to use online and mobile technology in their holiday shopping this year. According to a new survey from the Google 2013 Holiday Intentions Shopping Study, 95% of Millennials but only 87% of consumers age 35 and older plan to use the Internet as a tool for holiday shopping.
In addition, one in three Millennials but fewer than one-in-five (17%) consumers 35 and older who own smartphones plan to make a mobile purchase for the holidays. Both age groups are much more likely to make a mobile holiday purchase this year than last year – the percentage of Millennials planning a mobile holiday purchase increased 28% compared to last year while the percentage of older consumers grew 13%.
Seventy-six percent of all smartphone owners plan to use them as a holiday shopping aid (including non-purchase activities) and 25% of all smartphone owners intend to make a mobile holiday purchase.
Other findings include:
- 41% of consumers will not complete holiday shopping till mid-December, with 24% completing holiday shopping at the last minute and 8% waiting until after Christmas day.
- 63% of consumers do not have specific brands they want to purchase and 59% would consider making a holiday purchase from a new retailer.
- 84% of consumers research products on one device and make a purchase on another device, while 80% use multiple devices simultaneously to make a purchase.
- 81% of shoppers will respond to holiday discounts, 76% will respond to free shipping, and 60% will respond to purchase incentives.