Jones New York to Pursue Strategic Alternatives for Brand
The Company Will Discontinue Wholesale and Outlet Businesses.
Jones New York, a multichannel retailer of women’s sportswear, announced last week that it will pursue strategic alternatives for the Jones New York brand. In conjunction with this action, Jones New York will discontinue its wholesale business and close its retail locations over the course of 2015.
«Following a thorough strategic review of Jones New York’s recent performance and outlook, we have decided to discontinue the Jones New York wholesale business and close all 127 Jones New York outlet stores», saidAndrew Hede, Interim Chief Executive Officer of Jones New York. «We recognize that the Jones New York brand is important to many loyal customers, and we are pursuing strategic alternatives for the brand».
He continued, «We are grateful for all of the hard work and dedication of our associates and appreciate their efforts to support the brand. We will work with our wholesale customers and vendors to ensure an orderly transition over the course of this year».JonesNew Yorkis a portfolio company of Sycamore Partners, a private equity firm based inNew York. None of the other business units that were acquired as part of The Jones Group Inc. transaction are affected by the actions announced last week by Jones New York.