All 37 Jones New York factory stores in Canada are to be shuttered, a year after Authentic Brands Group (ABG) acquired the US fashion retailer and embarked on a review of its business.

Asset recovery firm Great American Group (GA), a subsidiary of B Riley Financial Inc, is to oversee the store closing sales, which began last week. The process is expected to take several weeks until all of the merchandise is sold.

"Great American Group's history of working with the brand through our appraisal services has given us leverage in knowing their merchandise, and our experience working with fashion retailers means we understand their customers," explained Scott Carpenter, president of GA's retail solutions division. "Over the next several weeks we will work to quickly sell through the apparel and accessories while maximising its value."

As well as Jones New York, Authentic Brands Group (ABG) also owns the Juicy Couture, Frederick's of Hollywood and Adrienne Vittadini labels.

Following its acquisition of Jones New York in April 2015, ABG signed a signed a long-term licensing agreement with Global Brands Group for the brand. It also agreed to sell all 35 Jones New York retail stores across Canada to men's wear retailer Grafton Fraser Inc with a view to growing its retail footprint in North America.

Last month Lion Capital made a minority investment in Authentic Brands Group for an undisclosed stake.

Authentic Brands gets investment from Lion Capital