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Jim’s Formal Wear After Hours Deal

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Jeffrey Morton by After Hours Formalwear
A very gracious Gary Davis was happy to comment on the After Hours wholesale division closing and what Jim’s is looking to do with the information purchased:

No dark mysteries from us:

Yes, we did purchase the dealer LIST for AH wholesale and their recommendation as a future partner. We did not buy any stores, service centers or merchandise. This only gives us the first "opportunity" to work with all of these dealers. Contrary to some of the rumors, JFW will not be transitioning over all of the Jeffrey Morton/Hub accounts. We simply do not have the capacity to properly service our current Customers AND retain 100% of the AH/MWH accounts. With the "ending wholesale" announcement, we did ship JFW catalogs to selected JM/Hub customers. We also hope to build stronger partnerships with our currently shared dealers. Unfortunately, there will be more than 1,500 JM/Hub dealers that we cannot service and still maintain our service standards.

With all of the potential business out there for everyone, we hope we can lead the Industry into discontinuing many of the run away discounts that AH was giving many dealers. In fact, it is our intention to discontinue the "every 7th free" mindset in the California market and take it closer to a more standard "Groom Free" promotion. While not fans of any permanent discount programs, we feel our dealers need a free groom program to compete against the MWH/AH stores going forward. We hope to be able to provide everyone in the Industry a chance to make more money by not having to match or compete against the significant discounting. This will be good for both the Wholesalers as well as Specialists who compete against wholesale dealers. Fairer prices for all!

We are currently investing millions of dollars to gear up inventories and capacities in our Centers to better prepare for the potential business. We are doing everything we can to satisfy our dealers and their customers next Prom and through the busy Summer/Fall Wedding Season. Trying to anticipate the potential demand is both scary and exciting! To help meet the demand, we will be opening a 10th Service Center in the Mid-Atlantic area before Prom Season, another HUGE investment and monumental task. There will be plenty of business next April through October for all of us to struggle through with this major player leaving the field. If we have to risk more by investing in more merchandise and equipment to meet this demand, why should any of us give it away to dealers just because they are used to getting unrealistic (and unprofitable!) discounts from AH. This is a window of opportunity to improve all of our businesses.

I hope this answers the questions and rumors that are out there. I remain available to anyone who would like to talk to me regarding their thoughts and additional questions.

Here's to a GREAT 2008 for all of us!

Gary Davis
CEO/Chairman
Jim's Formal Wear Co.
618-224-9211

 
Welcome to the end of August already! We had an opportunity to see many of the new items being shown for Spring 2008 last week at GLITS and there is a lot to see! Decisions decisions! They are headed your way. We profile Applied Merchants, a credit card processing company who has partnered with the IFA to offer great rates and support the organization. Finally, we offer our congratulations to Jim Carrow on a fine year as IFA president, and also catch up on industry news with Jim’s Formal Wear and Colonial Shoes.

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Nashville! Are you Ready?
Music City awaits! We can’t wait to get to Nashville. The city has so much to see. Number 1 of course is what’s new for spring, but most of the great idea sharing that these shows are all about happens during social times.

Maybe it will be at a honky-tonk downtown, or in the lobby of the hotel. Could be at a blues club or the Wherever it is we hope to see you there!!

You still have time to make plans to join your fellow industry members in Nashville! Don’t miss out! What could you gain? What could you offer? Visit the EXPO26 page for more information. We hope to see you there!

Gaylord Opryland Resort and Convention Center
2800 Opryland Drive
Nashville TN 37214
(866) 972-6779

http://www.gaylordhotels.com/gaylordopryland/

An Update from Colonial Shoes
Colonial Shoe salesmen were notified the 16th that their services were no longer required. To clear up confusion on the company’s status we asked Kevin Moran with Colonial about the status of the company. He offered us this information and said he will keep us updated on any further developments:

“Colonial Shoe Company's owner is considering selling the company or moving forward with a different selling approach. This would involve relocating to a smaller facility or giving up a portion of their present space. In preparation of either event, CSC is selling lots of goods at reduced prices. If you have any interest, please call 1-800-678-7463.”

Quotables
“People say that motivation doesn’t last. Well, neither does bathing that’s why we recommend it daily!” ~Zig Zigler

“The trick is what one emphasizes. We either make ourselves miserable ore we make ourselves strong. The amount of work is the same!” ~Carlos Castenada

 
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Applied Merchant: The Real Deal in Payment Processing
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The Official Payment Processor for the International Formalwear Association
Our Passion Drives Us Our Experience Enables Us

Applied Merchant is committed to bringing the power of payment technology to businesses across the country with innovative and easy-to-use products that are supported by unmatched customer service. As a recognized leader in the industry, our experience gives us the skills to guide business and trade association members through the process of accepting electronic payments by carefully evaluating the specific needs of the business model and delivering a tailored solution to maximize efficiency, security, and cost savings.


Applied Merchant offers the following services and rates:

Credit Cards
1.69% + $0.20 per swiped transaction
2.19% + $0.25 per keyed transaction
Debit Cards
1.39% + $0.20 per swiped transaction
1.89% + $0.25 per keyed transaction
Monthly Service Fee
$5.00
By pairing these incredible rates with exceptional customer support, Applied Merchant delivers a truly outstanding package. Discover how much money your business can save by switching to Applied Merchant.

Looking at the Bigger Picture
Applied Merchant is committed to providing IFA members the best credit card processing rates available. We also understand the importance of superior customer service and individualized attention. As an IFA member, you'll be able to take advantage of large group pricing that you can't find on your own, as well as the backing of the association board. Applied Merchant is excited to provide IFA members with a complete payment processing package, including:

Discounted credit card processing rates
New individual low debit card rates
World-class service and support
Free processing terminal or software
IFA rewards program

Building a Stronger Organization
Applied Merchant has created IFA Rewards, a program that gives a significant percentage of the profits back to IFA. This monetary support will keep membership dues at a minimum while strengthening member support - just one of the ways Applied Merchant backs IFA while saving your business money. However, Applied Merchant's support of IFA is a direct reflection of member participation in its program. By signing up, your business contributes to the overall impact of IFA Rewards, creating complete success for all parties involved. We urge every member to contact us for a complimentary custom payment processing consultation. To take advantage of this exciting opportunity for your business, please contact our knowledgeable consultants at Applied Merchant today!

800.675.6573
Call today
Visit us online at appliedmerchant.com
Applied Merchant Systems is a registered ISO and MSP of HSBC Bank USA, National Association, Buffalo NY and Wells Fargo Bank, N.A. Walnut Creek, CA

APPLIED MERCHANT
1 North Franklin Street
Suite 2360
Chicago, Illinois 60606
http://www.appliedmerchant.com/partners/ifa
http://www.appliedmerchant.com/partners/ifa

 

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Tim Moore (After Six), Ben Stone (Milroy’s
Tuxedos), Gina Butnick and Jim DuBois
(DuBois Formal Wear) toast each other at
dinner August 19.

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Diane Pape from Roger’s Formal Wear and
Rick Merlo of Global TuxNet Software enjoy
dinner during the GLITS show.

All GLITS-ed up!
Peak lapels, grey coats, trendy edgy new fashion, hot vest styles and colors. All of these and more were the highlight of the GLITS (Great Lakes Independent Tuxedo Specialists) show held in the Chicago area August 19-20. If you have not yet seen the options available for your spring 08 buy, you should not miss an opportunity to view all the possibilities.


Most of the manufacturers are offering a peak lapel in every cut and fabric option. The return to the traditional peak of elegance in our industry is refreshing in the same way the trendy new innovative designs most are offering are edgy and geared towards a customer we have not catered to in the past.

David’s colors dominate all of the accessory manufacturers new vest lines and with approximately 50% of the dress market going to the bridal giant we thank them. It is now possible for everyone to have the colors they need and our customers demand.

More importantly the show brings about discussion. What is working well for stores outside your trade area? What off season income possibilities are others using? We met a nice young couple who run a single store outside Detroit who were completely confused on how to initiate offering invitation discounts in their store. They thought all of the information they collected from talking to everyone was the surprise highlight of their trip. What knowledge could you share or helpful insight could you implement back home? I hope to see you all in Nashville.

Upcoming Regional Shows

West Coast Formalwear Collective
Sunday, September 23 and Monday, September 24
Radisson Suites--Buena Park (formerly Embassy Suites)
Click Here for registration information

East Coast Formalwear Collective
Sunday, September 30 and Monday, October 1
Embassy Suites Secaucus--Meadowlands
Click Here for registration informationspacer.gif

 
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Reflections on a President: Jim Carrow
As IFA President Jim Carrow wraps up his term we want to thank him for his commitment to the industry. A third generation in a family business knows what it can take to bring about change. In downsizing the board to a more manageable 13 members he has helped to bring about greater efficiency. His open approachable demeanor has made him many friends in the industry. This is what a few of his fellow board members and friends had to say about him.

“Jim loves to get up in front of audiences and speak…The only problem is nothing comes out of his mouth…Jim said he has to have 2-3 strong drinks before he can walk up on stage…His wife Ann must be on stage with him for anything to come out of his mouth…She keeps him focused by saying “That’s OK Honey”…Don’t give him anything to pass out on stage like an award…He gets so up-tight he forgets to give the person the plaque…In closing, Jim has been a good President…very committed to the members of the organization...He has risen to the occasion…” –Wayne Griner, After Hours/Men’s Wearhouse

“My favorite thing about Jim Carrow is the fact that he’s perfectly comfortable in a suit…without socks. I love you Jim – and I love your giggle!” –Nancy Haboush, Mister Neat’s

“Jim has this penchant against wearing “real” shoes, so it always amazes me to see him hit the golf course and wear real shoes with a real back in them!” –Ken Pendley, CSS/Chaplin

“Jim Carrow is one of my most favorite people! He always has a smile on his face and is a true genuine friend…thanks Jim for your friendship and for always being a ton of fun! --that goes for your beautiful wife Ann, too!” –Amy DuBois, DuBois Formal Wear

“It has been a pleasure working with Jim over the last year. I appreciate his “no nonsense” approach to many of the issues we face, and his willingness to dive in and do whatever it takes to resolve them. He has worked hard to develop and open up communication between the board and our membership. I look forward to working with him in the coming year as he remains on the board serving as past president. His experience will help us move things forward. Thank you Jim!” –Rod Benbrook, Mr. Formal

Jim Carrow? Gee...is he still President of the IFA? I thought Wayne was running the show...anyway, I think he's done a great job in some of the most trying times of our industry. Good Work Jim!
–Doug Black, BlackGold International

Thank you, Jim we can hardly wait for your speeches and award presentations in Nashville!
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Please direct all the questions to (309) 721-5450.

The opinions expressed by the authors do not reflect necessarily of the Association of  International Formalwear, its officials, directors or personnel. Each author is the unique person in charge of his content.

The opinions expressed by the authors do not reflect necessarily of the Association of  International Formalwear, its officials, directors or personnel. Each author is the unique person in charge of his content.

You are here: Industry Newsletter Archives :: 2007 Newsletter Archives :: August 28, 2007 Edition

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