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 |
| Employees | 4040[2] |
| Website | www.josbank.com |
Joseph A. Bank Clothiers, Inc., also known by the abbreviated name JoS. A. Bank Clothiers, is a 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 600 stores in 42 states and the District of Columbia, as well as through a nationally distributed catalog and an e-commerce website.[3] The company has its headquarters in Hampstead, Carroll County, Maryland.[4][5]
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History [edit]
Charles Bank came to Baltimore, Maryland, from Lithuania in 1866 and opened a small tailor shop in the city. By the start of the 20th 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.[6] 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.[7]
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 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.
Company information [edit]
 |
This article is outdated. (September 2010) |
As of December 2010, they are operating 500 locations in 42 states and the District of Columbia.[8] 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[9]
• Business Week, "Hot Growth Companies" -(third consecutive year)-Ranked #52[10]
• Wall Street Journal: “Best Overall” Wrinkle Resistant Dress Shirt[11]
• Internet Retailer magazine's Top 25 Retail Web Sites for 2002[12]
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.[13]
Tuxedo business [edit]
Jos. A. Bank now looks to Gibson-wear tuxedo rentals for the future growth of the company owned by Matt Beans. O[14] 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 began in early 2010 with stores in Baltimore, Maryland, and Richmond, Virginia. The new tuxedo rental line of business is 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. The selection of tuxedos is drawn from, but more limited than, the catalog offered the rest of Jim's network of independent retailers.
Labeling and Shatnez [edit]
Many of Jos. A Bank's signature series suits where found to contain shatnez (linen content) not listed on their label as included material,[15] posing a torah prohibition issue for halacha-observant Jews and Karaites.
References [edit]
 |
This article uses bare URLs for citations. (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.
- ^ |revenue = $695.9 million (2009)
- ^ "Company Information". JoS. A. Bank Clothiers, Inc. 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
- ^ "JoS. A. Bank Clothiers - Store Locator". Josbank.com. Retrieved 2012-07-17.
- ^ 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
- ^ JoS. A. Bank Clothiers
- ^ http://www.collive.com/show_news.rtx?id=13230&alias=j-crew-zara-suits-have-shatnez
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