Jones New York, a multichannel women’s sportswear brand, announced Thursday that it will close its stores, discontinue its wholesale business, and pursue strategic alternatives for its brand.
Jones New York apparel is sold at Macy’s and other department stores, in Jones New York outlet stores, and through the company’s e-commerce site at www.jny.com.
“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,” Andrew Hede, Interim Chief Executive Officer of Jones New York, said. “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.”
Jones New York was founded by Sidney Kimmel in 1970 as a division of W.R. Grace & Co with the goal of creating clothes similar in style and quality to expensive designer fashions but at an affordable price.
The company was acquired by the New York private equity firm Sycamore Partners last year as part of its $2.2 billion acquisition of Jones Group Inc., which included the Nine West footwear, Anne Klein, Kasper and other businesses. None of the other business units that were acquired as part of The Jones Group Inc. transaction are affected by the actions announced Thursday by Jones New York.