Investor Calls for Changes at Jos. A. Bank
Jos. A. Bank Clothiers on Tuesday came under criticism from BeaconLight Capital LLC, which owns more than 1 percent of the men’s apparel chain. In an open letter to the company’s board, the investment manager called for a reorganization of the retailer's board and return of cash to shareholders, preferably through buybacks. The letter stated that "we are convinced that tremendous value is trapped inside the company due to the absence of a credible capital allocation policy, an insular insider board of directors, poorly aligned management incentives and the company's refusal to communicate with shareholders."