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Actionable news in MW: THE MEN'S WEARHOUSE Inc,

Men’s Wearhouse Warns After Slashing Buy-One-Get-Three Promotion

Men’s Wearhouse took over its main rival Jos. A. Bank last year.

Men’s Wearhouse Inc. MW -0.84 % warned its earnings for the latest period will fall well short of its earlier estimates thanks to the transition away from the buy-one-get-three promotional events at its Jos. A. Bank division.

Shares plunged 28% to $29 in after-hours trading.

The men’s clothing retailer took over its main rival last year in a $1.8 billion deal, after six months of wrangling between the suit sellers.

The company had said it intended to overhaul its marketing strategy and had admitted its promotions...