Men's clothing retailer JoS. A. Bank Clothiers Inc. (JOSB) Thursday announced the opening of its first factory concept store. The new store, Tanger Outlets, in Riverhead, New York is the first of five stores the company plans to open in fiscal year 2010 under the factory store concept.
Chief Executive Officer Neal Black said, "We believe this concept could represent a significant long-term opportunity for the Company and could result in an additional 50-75 factory stores in the U.S."
Hampstead, Maryland-based JoS. A. Bank said it has signed leases for two more factory stores, which it plans to open in July 2010. The planned stores are, Jersey Shore Premium Outlets, in Tinton Falls, New Jersey and Philadelphia Premium Outlets, in Limerick, Pennsylvania. Further, the company expects to open the remaining two stores in Texas and Maryland during 2010, completing its five planned stores.
In addition, the Company also announces that it has launched a new website, www.josbankfactorystores.com, dedicated to the products offered under this new factory store concept.
JOSB closed Wednesday's regular trading at $56.55 on the Nasdaq.
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