Report: Jos. A. Bank may consider hostile bid for Men’s Wearhouse
Hampstead, Md. – Jos. A. Bank Clothiers Inc. reportedly may consider a hostile takeover bid for Men’s Wearhouse. According to Bloomberg, Jos. A. Bank chairman Robet Wildrick said he would prefer a friendly acquisition but his company is not ruling any options out.
On Oct. 9, Jos. A. Bank made a $2.3 billion offer that was 36% higher than Men’s Wearhouse’s closing stock value on Oct. 8. However, Men’s Wearhouse publicly rejected the bid, saying it undervalued the company and was not in the best interests of shareholders.
Wildrick said Jos. A. Bank would not make another bid without looking at Men’s Wearhouse’s books, which it so far has not had access to, and would not close stores. Men’s Wearhouse has adopted a “poison pill” that prevents any stockholder from purchasing more than 10% of the company’s shares, but has said it would not necessarily refuse future offers. Men’s Wearhouse declined to comment in the Bloomberg article.
Report: Wal-Mart to shut 20 China stores
Bentonville, Ark. – Wal-Mart Stores will reportedly close 20 underperforming stores in China next year as part of an overhaul of its Chinese operations. According to Bloomberg, Wal-Mart is restructuring its business in China, including a new management structure and more efficient purchasing operations.
However, Wal-Mart still plans to open 100 stores in China during the next three years. A Wal-Mart executive said the stores being closed there do not have ideal locations or layouts.
CVS launches digital, personalized circular
Woonsocket, R.I. – CVS/pharmacy is launching myWeekly Ad, a digital circular powered by the CVS/pharmacy ExtraCare program. The new circular serves up a personalized version of the sales ad for each customer.
Upon signing up, each user will immediately see which of their favorite items are on sale that week, including frequently-bought items or deals in categories that might be of interest to that specific shopper. Personalized ExtraCare savings and rewards can also be found all in one place.
CVS/pharmacy is showcasing the new myWeekly Ad by kicking off a 360-degree marketing, advertising and social media campaign featuring celebrities Joan Rivers, Nick Cannon and George Hamilton. The "What’s Your Deal?" campaign highlights how CVS/pharmacy is a unifying shopping destination for all of these different characters.
"Our ‘What’s Your Deal?’ campaign is a tongue-in-cheek way for us to unveil the savings revolution that is myWeekly Ad, where we’ve created a personalized circular that is as unique as each of our customers," said Rob Price, chief marketing officer of CVS/pharmacy. "CVS/pharmacy’s myWeekly Ad is a convergence of technology and customer insights that revolutionizes savings. It acts as a matchmaker for our customers and their best deals."