US: Jos A Bank seeks acquisitions to drive growth
Men's wear retailer Jos A Bank has revealed that it is considering strategic opportunities, including potential acquisitions, to boost further growth.
The group, which operates 607 stores, plans to retain capital not needed for operations to fund potential deals and is being assisted by investment banking firm Financo.
Jos A Bank said it has been and will continue to selectively seek potential acquisitions that are strategically sound and accretive in the long run. No timetable has been set for any acquisition.
Lead independent director Andrew Giordano said: "Our pursuit of strategic opportunities is part of our philosophy of long-term planning and decision-making."
The news comes after the company said its full-year sales exceeded $1bn. The group plans to continue the growth of its core businesses through internal initiatives, which include opening stores and improving its websites.
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