US: Jones Apparel pulls out of sale process
After five months on the auction block, Jones Apparel has decided to stick to its current business plan rather than selling itself off.
The clothing designer and marketer "has concluded that at this time the continued execution of the company's strategic plan will create greater long-term value for shareholders than a sale of the company ", Jones said.
Reports had named Bain Capital as lead suitor in the auction process. However, the two parties could not agree on a sale price, it was suggested.
President and CEO Peter Boneparth added: "Jones has built a reputation for excellence in product quality and value. The board, management team and I look forward to continuing to grow and strengthen Jones's position as a leader in the apparel, footwear, accessories, and retail industries."
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