Baltimore-based JoS. A. Bank Clothiers, Inc. opened its 500th store last Friday in the Franklin Tower at 14th and I Streets in the East End of Washington, D.C.
The company, which first opened its doors in 1905, has opened over 200 stores in the past five years and says it expects to open another 100 to 175 stores in the future as part of its long-term plan to grow the chain to approximately 600 full-line stores and 50 to 75 factory stores in the United States. To date, JoS. A. Bank has opened 30 stores (25 full-line, 4 factory and 1 franchise) in fiscal year 2010 and expects to open approximately 36 stores for the entire year.
"We are pleased that the Company has been able to continue to grow the business through store openings," says
R. Neal Black, CEO. "Achieving the 500 store level represents a significant milestone for the Company. Over the past 5 years, in addition to opening 200 new stores, the Company has increased net income every year, eliminated all of its debt, accumulated a cash and short-term investment position of approximately $190 million and created approximately 2,000 jobs in the United States," continued Mr. Black.
Source: JoS. A. Banks Clothiers
Writer: Walaika Haskins