Business World

The suit may not make the man, but it could make him more happy if he loses his job.

That is what men’s retailer Jos. A. Bank Clothiers Inc. is betting on with its latest promotion. The Hampstead, Md.-based company said Monday it will refund a customer up to $199 for a suit purchased by April 9 if he loses his job between April 16 and July 1. The customer would only need to provide proof of purchase and unemployment to keep the suit and the cash.

The men’s clothier believes this could be another of its creative gimmicks to help drive sales, which actually rose during the third quarter of last year.

The latest promotion is “like giving all of our customers a bit of unemployment insurance,” said R. Neal Black, CEO of Jos. A. Bank.

The special rebate is part of Jos. A. Bank’s $199 sale going on through April 9.

Mark Millman, president of Millman Search Group in Owings Mills, said he believes the promotion shows Jos credit report. A. Bank understands the basic needs of its customers. It underscores the company’s willingness to help customers “make do” in the economic crisis, Millman said.

“The promotion is unusual, but we are in unusual times,” he said. “This program is likely to receive nationwide attention, and hopefully other companies will follow in their footsteps.”

Jos. A. Bank (Nasdaq: JOSB) operates 461 stores in 42 states, including seven locations in the Pittsburgh area: Downtown, Mt. Lebanon, Monroeville, Grove City, Cranberry, Robinson and Ross.

Jos. A. Bank stock closed Monday at $26.09 per share.

Source