JoS. A. Bank Clothiers
| Type | Public |
|---|---|
| Traded as | NASDAQ: JOSB |
| Industry | Clothier |
| Founded | Baltimore, Maryland, 1905 |
| Headquarters | Hampstead, Maryland |
| Number of locations | 520 (April 2011)[1] |
| Products | Men's Clothing |
| Revenue | $695.9 million (2009) |
| Employees | 4040 |
| Website | www.josbank.com |
Joseph A. Bank Clothiers, Inc., also known by the abbreviated name JoS. A. Bank Clothiers, is an American manufacturer and retailer of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The company, established in 1905, now sells its products through over 500 stores in 42 states and the District of Columbia, as well as through a nationally distributed catalog and an e-commerce website.[2] The company has its headquarters in Hampstead, Carroll County, Maryland.[3][4]
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[edit] History
Charles Bank came to Baltimore, Maryland, from Lithuania in 1866 and opened a small tailor shop in the city. By the turn of the century, he had branched out into the manufacturing of pants and his grandson, Joseph A. Bank, joined his small company in 1898 as a cloth cutter when he was 11 years old. Over the next ten years, Joseph became a wholesale salesperson, traveling in the South to sell pants.
In 1905, Moses Hartz established a men’s clothing manufacturing company which was taken over by his widow Lena Hartz in 1921. Their daughter, Anna Hartz, was a traveling salesperson for the firm. Although they were rivals in business, Anna married Joseph Bank. In 1922, Joseph joined forces with his new mother-in-law and formed L. Hartz and Bank.[5] This new company manufactured and sold suits to retailers throughout the region.
Over the years, the company grew and prospered and in 1940, they purchased a building on Hopkins Place in Baltimore to house their offices, showroom, shipping area and cutting department. In 1945, Joseph Bank and his son, Howard, bought out the Hartz interest in the company and formed JoS. A. Bank and Co.[6]
Following World War II, there was a severe shortage of men's tailored clothing. A decision was made to specialize in that merchandise and to sell directly to the consumer, rather than wholesale. As a result, a deal was struck with a retailer, Louie's, Inc., in Washington, D.C., to sell their clothing.
In 1954, Joseph Bank died and operation of the company was assumed by his son, Howard.
By 1981, JoS. A. Bank had 11 retail stores and a growing catalog business. That year, the company was purchased by the Quaker Oats Company and became part of their Specialty Retailing group along with Eyelab and Brookstone. That relationship proved mutually beneficial, and by 1985, there were 25 stores. In 1986, Quaker decided to concentrate its efforts on its core businesses and JoS. A. Bank once again became a privately-owned corporation. In 1992, their expansion included a franchise concept. In the spring of 1994, JoS. A. Bank Clothiers became a publicly owned company, trading its stock through the NASDAQ stock exchange (JOSB).
In 1998, JoS. A. Bank Clothiers sold its manufacturing division and now out-sources its production. This has enabled the company to focus on its retail business. Much of the tailored clothing is “factory direct”.
JoS. A. Bank launched its Internet site in August 1998. JoS. A. Bank’s current President and CEO is Neal Black.
[edit] Company information
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This section is outdated. Please update this section to reflect recent events or newly available information. Please see the talk page for more information. (September 2010) |
As of December 2010, they are operating 500 locations in 42 states and the District of Columbia.[7] Their Executive Management Team plans to continue the aggressive growth approach, and is projecting to have 600 stores open by 2012. Jos. A. Bank has been recognized in numerous articles by premier business news publications:
• Ranked #14 on Forbes’ Top 200 List; 5th Straight Year on the List[8]
• Business Week, "Hot Growth Companies" -(third consecutive year)-Ranked #52[9]
• Wall Street Journal: “Best Overall” Wrinkle Resistant Dress Shirt[10]
• Internet Retailer magazine's Top 25 Retail Web Sites for 2002[11]
Clothing retailer JoS. A. Bank Clothiers Inc. (JOSB 44.35, -0.39, -0.87%) fiscal-year net income rose to $58.4 million, or $3.17 a share, from $50.2 million, or $2.72 a share, at the same point a year ago. Analysts had been expecting earnings of $3.07 a share, according to data compiled by FactSet. Net sales increased to $695.9 million, from $604 million last year.[12]
[edit] Tuxedo business
JoS. A. Bank now looks to formal wear tuxedo rentals for the future growth of the company.[13] Throughout the course of 2009, company executives negotiated with Jim's Formalwear of Trenton, Illinois, one of the largest wholesale distributors of men's formalwear in the United States, to join the large network of nearly 6000 authorized Jim's Formalwear retailers throughout the country. Rollout of the new tuxedo rental line of business, designed to compete with MensWearhouse's rental business and provide a "first point of contact" with younger prospective customers whose style of dress is much more casual than previous generations, began in early 2010 with stores in Baltimore, Maryland, and Richmond, Virginia. The selection of tuxedos is drawn from, but more limited than, the catalog offered the rest of Jim's network of independent retailers.
[edit] Other noteworthy mentions
JoS. A. Bank sponsors the Johns Hopkins Miracle Ties:
“Miracle Collection is a line of distinguished men’s neckwear that ties together pediatric research, patient care and fashion to raise funds for Hopkins Children’s. The young patients were asked to draw one of their favorite things. From crabs and giraffes to sailboats and Santa, this year’s collection offers something for everyone.”[14]
[edit] References
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This article uses bare URLs for citations. Please consider adding full citations so that the article remains verifiable. Several templates and the Reflinks tool are available to assist in formatting. (Reflinks documentation) (February 2012) |
- ^ JoS. A. Bank Clothiers Reports 13% Increase in Profits for First Quarter of Fiscal Year 2011 "JoS. A. Bank Clothiers Reports 13% Increase in Profits for First Quarter of Fiscal Year 2011". JoS. A. Bank Clothiers, Inc., press release. June 1, 2011. http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-newsArticle&ID=1569387&highlight= JoS. A. Bank Clothiers Reports 13% Increase in Profits for First Quarter of Fiscal Year 2011.
- ^ "Company Information". JoS. A. Bank Clothiers, Inc.. http://www.josbank.com/webapp/wcs/stores/servlet/CompanyInfoView?langId=-1&storeId=11001&catalogId=10050. Retrieved February 17, 2012.
- ^ "Career Opportunities." JoS. A. Bank Clothiers. Retrieved on May 15, 2010.
- ^ "Town of Hampstead Zoning Map." Town of Hampstead. Retrieved on May 15, 2010.
- ^ “RETAIL - Business History of Department Stores”. (2001). Retrieved from Kipnotes website, http://www.kipnotes.com/RetailDepartmentStores.htm
- ^ “Company Histories, JoS. A. Bank Clothiers, Inc”. Retrieved from Funding Universe website: http://www.fundinguniverse.com/company-histories/Jos-A-Bank-Clothiers-Inc-Company-History.html
- ^ http://www.josbank.com/webapp/wcs/stores/servlet/StoreLocatorView?langId=-1&storeId=11001&catalogId=10050
- ^ Market Watch. (2008). Answers website: http://www.answers.com/main/ntquery?dsid=2541&dekey=1&company_name=Jos+A+Bank+Clothiers+Inc&id={B3EF4D3A-5D46-45EF-A2AE-602BF715346A}
- ^ Business Week's Hot Growth Companies .(2005). Retrieved from Find Articles website: http://findarticles.com/p/articles/mi_m0EIN/is_2005_May_31/ai_n13787359/
- ^ The Wall Street Journal "Catalog Critic" (March, 3 2006). Retrieved from Find Articles website: http://findarticles.com/p/articles/mi_m0EIN/is_2006_March_14/ai_n26794537/?tag=content;col1
- ^ “Press Release”, JoS. A. Bank Clothiers (2002). Retrieved from JoS. A. Bank website: http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-newsArticle&ID=243370&highlight=
- ^ Market Watch. (April 8, 2009). Retrieved from Market Watch website: http://www.marketwatch.com/story/jos-a-bank-clothiers-fiscal
- ^ “Press Release”, JoS. A. Bank Clothiers. Which will be a train reck. Do to few stores have it and know what it is. (January 6, 2010). Retrieved from JoS. A. Bank website: http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-newsArticle&ID=1371247&highlight=
- ^ Johns Hopkins, “Miracle Ties Go Cross Country This Year for Hopkins Children’s”. (November 6, 2009). Retrieved from Johns Hopkins website: http://www.hopkinschildrens.org/Miracle-Ties-Go-Cross-Country-for-Hopkins-Childrens.aspx
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