Jos A. Bank Clothiers, Inc. (NASDAQ:JOSB), the century old men’s specialty retail chain, confirmed on Friday that it is exploring potential acquisitions and other strategic options to accelerate growth and boot its shareholder value.

In its press release, the men’s specialty retail chain emphasized that its current management team was able to increase shareholder value by 5,700 percent since 1999. Its market capitalization climbed from $19 million at that time to more than $1.1 billion as of June this year.

Jos A. Bank

Jos A. Bank Poised With No Bank Debt

Jos A. Bank Clothiers, Inc. (NASDAQ:JOSB),) also stated that the number of its stores increased to 500, and created more than 500 jobs. The company said it will implement internal initiatives such as opening additional stores and improving its websites to continue to expand its core business.

Investment bank Financo, Llc is helping the company consider different strategic options including evaluating potential acquisitions. Jos A. Bank Clothiers, Inc. (NASDAQ:JOSB) plans to keep capital not utilized for operations in order to have the flexibility to pursue opportunities that are strategically sound over the long-term. The company did not set any timetable for any acquisitions.

In a statement, Andrew Giordano, Lead Independent Director of Jos A. Bank Clothiers, Inc (NASDAQ:JOSB) said, “Since our reinvention in 1999, the board and management have been committed to long-term growth. To that end, we have built an extraordinarily strong balance sheet with substantial liquid assets and no bank debt. Those assets are critical to our efforts to enhance shareholder value, both through strategic opportunities (such as acquisitions) and organic growth. Our pursuit of strategic opportunities is part of our philosophy of long-term planning and decision-making.”

Jos A. Bank Targeting Men’s Wearhouse

A related report from Lindsey Rupp of Bloomberg stated that Donald Hodges, founder of Hodges Management, owns a stake in Jos A. Bank Clothiers, Inc (NASDAQ:JOSB) and that Men’s Wearhouse Inc (NYSE:MW) might be one of the potential targets of the company.

Hodges said, “That would be a great acquisition for them. Men’s Wearhouse and more has copied the Jos. A. Bank formula for running discounts and sales. The board just released the founder, and there must be something behind that.”

Last Wednesday, the board of directors of Men’s Wearhouse surprisingly announced the ouster of its founder, George Zimmer, as executive chairman of the company. The board said it would discuss the extent of Zimmer’s ongoing relationship with the company, but did not provide any reason for suddenly terminating him from his position.