Jones New York to Close Stores, Seek Strategic Alternatives
Jones New York, the women's clothing brand owned by Sycamore Partners, said it will seek strategic alternatives and close its outlet stores. Jones New York will also discontinue its wholesale business, according to a statement yesterday. All 127 outlet locations will close throughout 2015. Sycamore Partners agreed to acquire Jones Group Inc., the owner of the Jones New York and Nine West fashion brands, in December 2013 in a deal that valued the retailer at $1.2 billion. The Jones New York brand has struggled in recent years as retailers ramped up their exclusive-label goods to draw shoppers.