JoS. A. Bank Clothiers Promotes James E. Thorne to Senior Vice President for Merchandising; Robert R. Sears to Replace Thorne as
19 Settembre 2008 - 10:31PM
Business Wire
As part of the implementation of its recently announced leadership
succession plan, JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select
Market: "JOSB") is pleased to announce that James E. Thorne has
been promoted to Senior Vice President for Merchandising. As such,
Mr. Thorne will head the Company's Merchandising Department, with
responsibility for all product design, manufacturing and sourcing;
all planning and allocation; and all retailing of the Company's
merchandise lines, including all tailored clothing, sportswear,
shirts and accessories. Robert R. Sears has been promoted to Vice
President of Planning and Allocation and will replace Mr. Thorne as
head of that department. Mr. Thorne, 48, is one of the most
respected merchandising executives in the tailored clothing
industry. Mr. Thorne joined JoS. A. Bank in 1986 and has held a
variety of increasingly important merchandising positions,
including, most recently, head of Planning and Allocation. He holds
a Bachelors Degree in Business Administration from the University
of North Carolina. Mr. Sears, 51, joined JoS. A. Bank in January of
this year, bringing with him nearly 30 years of experience in the
men's retail industry. Prior to joining the Company, Mr. Sears held
Senior Vice President/General Merchandise Manager positions at
Bon-Ton Department Stores and Saks Department Store Group. He holds
a Bachelors Degree in Business Administration from Eastern Kentucky
University. Mr. Thorne will continue to report to Company President
R. Neal Black and Mr. Sears will continue to report to Mr. Thorne.
Mr. Black stated: �Jim and Bob are seasoned and trusted executives
whose work will be integral to the continued growth of the Company.
I am pleased to be able to fill two such important positions
through internal promotions, a testament to the strength of the
merchandising department here at JoS. A. Bank.� The Company
recently announced that as of December 21, 2008 current CEO, Robert
Wildrick, will become Chairman of the Board and Mr. Black will
become CEO. JoS. A. Bank Clothiers, Inc., established in 1905, is
one of the nation's leading retailers of men's classically-styled
tailored and casual clothing, sportswear, footwear and accessories.
The Company sells its full product line through 450 stores in 42
states and the District of Columbia, a nationwide catalog and an
e-commerce website that can be accessed at www.josbank.com. The
Company is headquartered in Hampstead, Md., and its common stock is
listed on the Nasdaq Global Select Market under the symbol "JOSB."
The Company's statements concerning future operations contained
herein are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those forecast due to a variety of
factors outside of the Company's control that can affect the
Company's operating results, liquidity and financial condition.
Such factors include risks associated with economic, weather,
public health and other factors affecting consumer spending, higher
energy and security costs, the successful implementation of the
Company's growth strategy including the ability of the Company to
finance its expansion plans, the mix and pricing of goods sold, the
effectiveness and profitability of new concepts, the market price
of key raw materials such as wool and cotton, seasonality,
merchandise trends and changing consumer preferences, the
effectiveness of the Company's marketing programs, the availability
of suitable lease sites for new stores, doing business on an
international basis, the ability to source product from its global
supplier base, litigations and other competitive factors. Other
factors and risks that may affect the Company's business or future
financial results are detailed in the Company's filings with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended February 2, 2008 and the
Company's subsequent Quarterly Reports on Form 10-Q filed through
the date hereof. These cautionary statements qualify all of the
forward-looking statements the Company makes herein. The Company
cannot assure you that the results or developments anticipated by
the Company will be realized or, even if substantially realized,
that those results or developments will result in the expected
consequences for the Company or affect the Company, its business or
its operations in the way the Company expects. The Company cautions
you not to place undue reliance on these forward-looking
statements, which speak only as of their respective dates. The
Company does not undertake an obligation to update or revise any
forward-looking statements to reflect actual results or changes in
the Company's assumptions, estimates or projections. These risks
should be carefully reviewed before making any investment decision.
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