The Jones New York brand is ceasing operations
February 9, 2015 09:14 AM
Jones New York, a manufacturer and retailer of women's apparel, plans to close its e-commerce site, all 127 retail outlet stores and its wholesale operations 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,” says Andrew Hede, interim CEO.
The company is “pursuing strategic alternatives for the brand,” he says.
Jny.com, the company’s e-commerce site, also will be shuttered sometime this year, says a spokeswoman for Sycamore Partners LLC, which bought The Jones Group Inc., No. 200 in the Internet Retailer 2014 Top 500 Guide,in December 2013.
Jny.com is currently operating with no reference to the announced closures.
Sycamore Partners acquired The Jones Group, which owned and operated multiple apparel and accessories brands and e-commerce sites such as NineWest.com, in a deal valued at $2.2 billion. The acquisition included luxury shoemaker Stuart Weitzman Holdings. In early January, Coach Inc. (No. 85) announced plans to buy Stuart Weitzman from Sycamore in a deal that could be worth as much as $574 million if certain revenue targets are hit, according to a Securities and Exchange Commission filing.
Sycamore specializes in acquiring apparel retailers and has made several acquisitions in the last two years, including purchasing the intellectual property assets of Coldwater Creek (No. 174) in June 2014, two months after that retailer declared bankruptcy. The acquisition of Coldwater Creek’s intellectual property assets was made by CWC Direct LLC, a Sycamore business unit.
Sycamore relaunched Coldwater Creek as an online-only retailer.
The Jones New York closures, announced last week, do not include other business units that were acquired as part of The Jones Group Inc. transaction, the company says.