(Reuters) - Jos A Bank Clothiers Inc (>> Jos. A. Bank Clothiers Inc) came under fire from investment manager BeaconLight Capital LLC who demanded a reorganization of the men's apparel retailer's board and return of cash to shareholders.

Shares of Jos A Bank Clothiers rose as much as 13 percent on the Nasdaq on Tuesday.

" We believe that the (Jos A Bank) stock should be worth $70 per share even at a discounted multiple to its peers," BeaconLight said in a letter to the retailer on Tuesday.

The investor demanded Jos A Bank to immediately return all of its cash to shareholders, preferably through share buybacks.

The letter comes at a time when activist investor William Ackman stepped down from J.C. Penney Co Inc's (>> J.C. Penney Company, Inc.) board after a failed two-year attempt by his Pershing Square Capital Management hedge fund to remake the company into a more upscale retail chain.

(Reporting by Aditi Shrivastava in Bangalore; Editing by Joyjeet Das)

Stocks treated in this article : Jos. A. Bank Clothiers Inc, J.C. Penney Company, Inc.