Jones New York latest casualty to shutter stores
Jones New York will close all 127 of its stores this year
Jones New York has become the US apparel industry's latest casualty, revealing it will close all 127 of its stores and end its wholesale business as the women's clothing brand seeks strategic alternatives.
The move, which comes after a strategic review of Jones New York's recent performance and outlook, will see the brand's retail stores close during the course of this year.
"We recognise that the Jones New York brand is important to many loyal customers, and we are pursuing strategic alternatives for the brand,” said Andrew Hede, interim CEO of Jones New York.
Jones New York was bought by private equity firm Sycamore Partners in December 2013 for US$2.2bn, including debt. None of the other business units that were acquired as part of The Jones Group transaction are affected by the latest move by Jones New York, according to the brand.
Jones New York is not the first apparel company to shutter stores this year. Earlier this month, US fast fashion retailer The Wet Seal closed 338 stores, leading to the loss of 3,695 full and part-time jobs.
On the same day, department store retailer Macy's said it would close 14 stores and make a raft of job cuts, as it restructures its marketing and merchandise operations in a move designed to save US$140m starting this year.
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