Jones New York to close this year

Sycamore Partners, the private equity firm that acquired the Jones Group for 2.2 billion dollars, including debt last year, has announced that it is shutting down the Jones New York brand as it pursues “strategic alternatives”.

The company stated that it plans to discontinue the Jones New York brand with the closure of the line’s wholesale business as well as its 127 retail locations over the course of 2015.

The women’s clothing company said that the move followed a review of its recent performance and outlook, and that its spring 2015 collection will be its last, as it winds down the business over the summer. The company did also add that it would be pursuing strategic alternatives for the brand, however, it did not say what was under consideration.

Jones New York is shutting down operations

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.

“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."

This is the second change for the Jones Group this year, last month the group sold off Stuart Weitzman to Coach for 530 million dollars.