Men's Wearhouse dropped 40 spots in the 2009 Fortune 500 ranking after its revenue dropped 60% in 2008. The company reported that its revenue decline resulted from a decrease in traffic, and the substantial discount pricing strategies it used to drive traffic and reduce inventory in the last three calendar months of 2008.
The company's overall decline in men's apparel sales last year was offset by an increase in tux rentals, which were boosted by the company's acquisition of the After Hours stores in 2007.
Forty-three new Men's Wearhouse stores opened in 2008 and 22 locations closed. Despite sharp declines in men's apparel sales, Men's Wearhouse has added 10 stores to the 2009 store opening list.
Men's Wearhouse also claimed a spot on another Fortune Magazine list this year, ranking #71 on the "100 Best Companies to Work For" list. The rankings on this best employer list are based on employee surveys and company employee policies and practices. The superstore of men's apparel has earned a spot on this list more than once, and is recognized for promoting from within, paying higher than average commissions, and throwing a great employee holiday employee party.
The company's overall decline in men's apparel sales last year was offset by an increase in tux rentals, which were boosted by the company's acquisition of the After Hours stores in 2007.
Forty-three new Men's Wearhouse stores opened in 2008 and 22 locations closed. Despite sharp declines in men's apparel sales, Men's Wearhouse has added 10 stores to the 2009 store opening list.
Men's Wearhouse also claimed a spot on another Fortune Magazine list this year, ranking #71 on the "100 Best Companies to Work For" list. The rankings on this best employer list are based on employee surveys and company employee policies and practices. The superstore of men's apparel has earned a spot on this list more than once, and is recognized for promoting from within, paying higher than average commissions, and throwing a great employee holiday employee party.