JoS. A. Bank to open 500th store
Hampstead, Md. JoS. A. Bank Clothiers announced Wednesday that it will open its 500th location -- in the Franklin Tower in Washington, D.C. -- on Nov. 5.
The retailer has opened more than 200 stores in the past five years and said it expects to open another 100 to 175 stores 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 reported it has opened 30 stores (25 full-line, four factory and one franchise) in fiscal year 2010 and expects to open approximately 36 stores for the entire year.
“Over the past five 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,” said R. Neal Black, CEO of JoS. A. Bank Clothiers.