BUSINESS

Jones New York To Shut All Its Stores, Including 36 Canadian Ones

01/29/2015 03:42 EST | Updated 01/29/2015 03:59 EST
Dwight Burdette / Wikimedia Commons

NEW YORK — Jones New York announced Thursday that it is closing its 127 retail stores, including three dozen locations in Canada, and discontinuing its wholesale business.

The privately held women's clothing company said it decided on the move after a review of the brand's recent performance and outlook. The company did not say how many employees would lose their jobs.

"We recognize that the Jones New York brand is important to many loyal customers and we are pursuing strategic alternatives for the brand,'' interim CEO Andrew Hede said in a news release, without giving details.

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.

A company spokeswoman said the closing of the 127 Jones New York Outlet stores, including 36 in Canada, would begin in the summer and wind up by the end of the 2015.

— With files from The Canadian Press

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