This week hasn’t exactly brought good news for women’s fashion. Kate Spade announced yesterday that it would shutter its Kate Spade Saturday and Jack Spade stores, and today, Jones New York announced it would close stores and discontinue its wholesale business.
Bloomberg reports that the multichannel women’s sportswear brand will close 127 outlet stores and terminate its wholesale business throughout the year.
The company sold apparel in a number of department stores, such as Macy’s, at Jones New York Outlet stores and through its own website.
Officials with the company say the move was made after a review of its recent performance and outlook.
“We recognize that the Jones New York brand is important to many loyal customers, and we are pursuing strategic alternatives for the brand,” Interim Chief Executive Officer Andrew Hede said in the statement. “We will work with our wholesale customers and vendors to ensure an orderly transition over the course of this year.”
Jones Group Inc., which owns the brand as well as Nine West, was acquired by private equity firm Sycamore Partners in December 2013 as part of a $1.2 billion deal.
Jones New York to Close Stores and Seek Strategic Alternatives [Bloomberg]
by Ashlee Kieler via Consumerist
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