Friday, January 30, 2015

Jones New York to Close 127 Stores, End Wholesale Business

(AP)  Jones New York announced Thursday that it is closing stores, discontinuing its wholesale business and will look at strategic alternatives for its brand.
The privately held women’s clothing company says that it is making the move after a review of its recent performance and outlook.
Jones New York was acquired by private equity firm Sycamore Partners last year as part of a $1.2 billion deal, or $2.2 billion including debt. None of the other business units acquired as part of The Jones Group Inc. transaction are affected.
The company said that it will close 127 Jones New York Outlet stores and discontinue its wholesale business over the course of 2015. It also said it will pursue strategic alternatives for the brand, but did not say what was under consideration.

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