Jos. A. Bank Board of Directors Rejects Unsolicited Tender Offer From Men's Wearhouse

Jos. A. Bank Board of Directors Rejects Unsolicited Tender Offer From Men's

   Determines Men's Wearhouse Offer Substantially Undervalues Jos. A. Bank

                   Urges Stockholders Not to Tender Shares

HAMPSTEAD, Md., Jan. 17, 2014 (GLOBE NEWSWIRE) -- Jos. A. Bank Clothiers, Inc.
(Nasdaq:JOSB) (the "Company" or "Jos. A. Bank") today announced that its Board
of Directors (the "Board"), after careful consideration and discussions with
its financial and legal advisors, determined that the unsolicited, highly
conditional tender offer from The Men's Wearhouse, Inc. (NYSE:MW) ("Men's
Wearhouse") to acquire all outstanding common shares of the Company at a price
of $57.50 per share in cash (the "Offer") is inadequate from a financial point
of view and not in the best interest of Jos. A. Bank's stockholders.
Accordingly, the Board recommends that Jos. A. Bank's stockholders reject the
Offer and not tender their shares into the Offer.

The reasons for the Board's recommendation are set forth in a Schedule 14D-9
being filed by the Company today with the Securities and Exchange Commission
("SEC"), which is also being disseminated to stockholders.

Robert N. Wildrick, Chairman of Jos. A. Bank, said, "Our Board of Directors
firmly believes that the Men's Wearhouse offer is inadequate and significantly
undervalues Jos. A. Bank and its near- and long-term potential."

He continued, "Our Board and the Company's management team are committed to
acting in the best interests of all of our stockholders, and continuing to
deliver value for them. For well over a decade, Jos. A. Bank has been among
the leaders in the industry in driving exceptionally strong revenue and net
income growth. At this time, the Company has a well-developed strategy in
place to continue to increase revenue, substantially improve margins and
deliver enhanced returns to stockholders. The Jos. A. Bank Board strongly
urges stockholders to reject the Offer and not tender their shares."

In reaching the conclusions and in making the recommendation described above,
the Board considered numerous factors, including but not limited to the

The Offer is Inadequate and Opportunistic

  *The Offer significantly undervalues Jos. A. Bank, and its future
    prospects. The Board has determined that the Offer does not reflect the
    value inherent in the Company's future prospects and its track record in
    creating stockholder value. The Board is confident that the Company's
    stand-alone plan will deliver greater value to its stockholders than would
    be obtained under the Offer.
  *The Company has received an inadequacy opinion from its financial advisor.
    Goldman, Sachs & Co. ("Goldman Sachs"), financial advisor to the Company,
    rendered an opinion to the Board that as of January 17, 2014, and based
    upon and subject to the factors and assumptions set forth in the written
    opinion, the consideration proposed to be paid to the holders (other than
    the Offeror and any of its affiliates) of the Company's shares pursuant to
    the offer was inadequate from a financial point of view to such holders.
    The full text of the written opinion of Goldman Sachs, dated January 17,
    2014, which sets forth the assumptions made, procedures followed, matters
    considered and limitations on the review undertaken in connection with
    such opinion, is attached to the Company's 14D-9 filing as Annex A.
    Goldman Sachs provided its opinion for the information and assistance of
    the Company's Board in connection with its consideration of the Offer, and
    it is not a recommendation as to whether or not any holder of the
    Company's shares should tender such shares in connection with the Offer or
    any other matter.

  *The Offer is opportunistic and does not reflect the Company's improving
    financial performance, as reflected in recent quarters. The Offer is
    opportunistic and timed to acquire the Company while the Company's
    operations are strengthening. The Offer does not reflect the significant
    progress the Company has made in recent quarters and its improved
    financial performance and results of operations.
  *The Offer does not properly reflect the Company's strategy and future
    prospects – based on Jos. A. Bank's track record of industry-leading
    performance. The Board believes that implementation of the Company's
    stand-alone plan will generate greater value for stockholders than the
    Offer price, with support from the Company's performance history. For
    example, from January 3, 2000 through January 3, 2014, the Company has
    generated approximately 5,786% total share price growth (compared to only
    170% at Men's Wearhouse).
  *The Offer fails to appropriately compensate the Company's stockholders for
    the significant synergies that Men's Wearhouse claims would be created by
    a business combination between the two companies. Men's Wearhouse has
    publicly disclosed its estimate that a combination of the companies could
    yield $100 - $150 million of run rate synergies to be realized in the
    first three years. If this estimate is accurate, the Offer does not come
    close to adequately compensating the Company's stockholders for this
    purported significant synergy value.
  *Jos. A. Bank is exploring strategic acquisitions and other alternatives.
    As the Company has stated publicly, Jos. A. Bank is continuing to consider
    strategic alternatives, including acquisitions, which will maximize
    stockholder value. The Board believes that its and management's deep
    industry experience, core competencies and track record enable it to
    identify and execute acquisition transactions that will create value in
    excess of the Offer price.

Men's Wearhouse's Intentions are Unclear; Its Commitment is Not Credible

  *Men's Wearhouse's true motives are unclear and its commitment to the Offer
    is not credible. When Men's Wearhouse rejected the Company's initial
    proposal to combine the two companies, it listed a litany of reasons,
    including stating that the combination of the two companies "[r]aises
    significant antitrust concerns." Men's Wearhouse only then made its
    proposal to combine the two companies through its acquisition Offer after
    its largest shareholder, Eminence Capital, LLC ("Eminence"), threatened
    the Board of Men's Wearhouse that, unless it pursued a combination with
    the Company, Eminence would seek, through a proxy solicitation, to call a
    special meeting of shareholders to, among other things, amend Men's
    Wearhouse's bylaws to permit the removal of its entire Board of Directors.
    After Men's Wearhouse made its offer to acquire the Company, Eminence then
    terminated its proxy solicitation threatening the removal of the Men's
    Wearhouse Board.
  *The Offer's conditions create significant uncertainty and risk. The Offer
    is subject to 16 broadly drafted conditions, with numerous subparts, some
    of which are of questionable relevance to the Company and its business.
    Moreover, many of these conditions may be asserted by Men's Wearhouse in
    its sole discretion to terminate the Offer.
  *The Offer is highly uncertain and any payments made to Company
    stockholders could be considerably deferred. Men's Wearhouse has stated
    that it may, subject to any applicable rules and regulations of the
    Securities and Exchange Commission, extend the Offer from time to time for
    any reason. The Company's stockholders have no assurance that they will
    ever receive payment for shares tendered in a timely fashion.

The Company's 14D-9 filing is available on the SEC's website,, and
in the "Company Information" section of the Company's website at, or through the following web address:

Goldman, Sachs & Co. and Financo, LLC are serving as financial advisors to the
Company; Skadden, Arps, Slate, Meagher & Flom LLP and Guilfoil Petzall &
Shoemake, L.L.C. are serving as legal advisors to the Company and Innisfree
M&A Incorporated is serving as proxy solicitor.

Company Rights Plan

At its meeting on January 17, 2014, the Board took action, as permitted by the
Rights Agreement dated as of September 6, 2007, between the Company and
Continental Stock Transfer & Trust Company, as rights agent (as amended, the
"Rights Agreement") to postpone the Distribution Date (as defined in the
Rights Agreement), which otherwise would occur on the tenth business day after
the date of commencement of the Offer, until such date as may be subsequently
determined by the Board by resolution. A copy of the original Rights Agreement
and the First Amendment to the original Rights Agreement have been filed with
the SEC as Exhibit 4.1 to the Company's Current Report on Form 8-K filed
September 7, 2007 and Exhibit 4.1 to the Company's Current Report on Form 8-K
filed on January 6, 2014, respectively.

About Jos. A. Bank

Jos. A. Bank Clothiers, Inc., established in 1905, is one of the nation's
leading designers, manufacturers and retailers of men's classically-styled
tailored and casual clothing, sportswear, footwear and accessories. The
Company sells its full product line through 628 stores in 44 states and the
District of Columbia, a nationwide catalog and an e-commerce website that can
be accessed at The Company is headquartered in Hampstead, MD,
and its common stock is listed on the NASDAQ under the symbol "JOSB."

contains forward-looking statements that are based on currently available
information and current expectations, estimates and projections about Jos. A.
Bank Clothiers, Inc.'s business. The forward looking statements include
assumptions about our operations, such as cost controls, market conditions,
liquidity and financial condition.Risks and uncertainties that may affect our
business or future financial results include, among others, risks associated
with domestic and international economic activity, weather, public health and
other factors affecting consumer spending (including negative changes to
consumer confidence and other recessionary pressures), higher energy and
security costs, the successful implementation of our growth strategy
(including our ability to finance our 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) and other production
inputs (such as labor costs), seasonality, merchandise trends and changing
consumer preferences, the effectiveness of our marketing programs (including
compliance with relevant legal requirements), the availability of suitable
lease sites for new stores, doing business on an international basis, the
ability to source product from our global supplier base, legal and regulatory
matters and other competitive factors.Additional factors that could cause
future results or events to differ from those we expect are those risks
discussed under Item 1A, "Risk Factors," in Jos. A. Bank's Annual Report on
Form 10-K for the fiscal year ended February 2, 2013, Jos. A. Bank's Quarterly
Report on Form 10-Q for the quarter ended May 4, 2013, Jos. A. Bank's
Quarterly Report on Form 10-Q for the quarter ended August 3, 2013, Jos. A.
Bank's Quarterly Report on Form 10-Q for the quarter ended November 2, 2013,
and other reports filed by Jos. A. Bank with the Securities and Exchange
Commission (SEC).Please read the "Risk Factors" and other cautionary
statements contained in these filings.We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new information,
the occurrence of certain events or otherwise.As a result of these risks and
others, actual results could vary significantly from those anticipated in this
release, and our financial condition and results of operations could be
materially adversely affected.


This communication does not constitute an offer to buy or solicitation of an
offer to sell any securities. In response to the tender offer for the shares
of the Company commenced by The Men's Wearhouse, Inc. and Java Corp., the
Company has filed a solicitation/recommendation statement on Schedule 14D-9
with the U.S. Securities and Exchange Commission ("SEC"). Any
solicitation/recommendation statement filed by the Company that is required to
be mailed to stockholders will be mailed to stockholders of the
INFORMATION.Investors and stockholders may obtain free copies of the
solicitation/recommendation statement and other documents (when available)
filed with the SEC by the Company free of charge through the website
maintained by the SEC at In addition, the
solicitation/recommendation statement and other materials related to Men's
Wearhouse's unsolicited proposal may be obtained from the Company free of
charge by directing a request to the Company's Investor Relations Department,
Jos. A. Bank Clothiers, Inc., 500 Hanover Pike, Hampstead, MD 21074,

CONTACT: For Jos. A. Bank - Media:
         Thomas Davies/Molly Morse
         Kekst and Company
         For Jos. A. Bank - Investment Community:
         David E. Ullman
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