Sycamore Partners, the private equity firm that acquired the Jones Group for $2.2 billion last April, has decided to pull the plug on one of its brands, Jones New York. The company said in a statement Thursday that it plans to shutter the line's wholesale business and 127 retail locations over the course of the year. According to sources for WWD, 120 employees have been let go at this point.
The plan? To "pursue strategic alternatives for the Jones New York brand." We're curious to see what, if anything, that will result in, since the 40-year-old line is rather lacking in relevance at this point.
This is the second move Sycamore Partners has made this month in retooling its Jones Group portfolio, after it sold off Stuart Weitzman to Coach for over $530 million. The news comes amid a spate of brand shut-downs and store closings, too, with Kate Spade closing all of its Saturday and Jack Spade stores and Gap winding down Piperlime's operations.
So long, Jones New York. May it rest in peace.