The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Completes the Acquisition of Barneys New York, Inc.
NEW YORK, Dec. 20 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
("Jones") (NYSE: JNY) announced that it successfully completed its acquisition
of Barneys New York, Inc. The transaction is valued at $397.3 million,
including $19.00 per common share to Barneys stockholders totaling
$291.3 million (which includes shares outstanding, employee stock options,
preferred stock and warrants). In addition, Jones funded the repurchase of
Barneys outstanding Senior Secured Notes due 2008, with a face value of
Peter Boneparth, Chief Executive Officer of Jones, stated, "The
acquisition of Barneys is a wonderful complement to our diversification
strategy. Its focus on the luxury consumer provides an added dimension to our
existing brand portfolio and creates future expansion opportunities. I
welcome Howard Socol, Chairman and Chief Executive Officer of Barneys New
York, and the entire Barneys team to the Jones family."
Jones Apparel Group, Inc. (http://www.jny.com), a Fortune 500 company, is
a leading designer and marketer of branded apparel, footwear and accessories.
The Company's nationally recognized brands include Jones New York,
Evan-Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie,
Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Joan & David, Mootsies
Tootsies, Sam & Libby, Napier, Judith Jack, Kasper, Anne Klein, Albert Nipon
and LeSuit. The Company also markets apparel under the Polo Jeans Company
brand licensed from Polo Ralph Lauren Corporation and costume jewelry under
the Tommy Hilfiger brand licensed from Tommy Hilfiger Licensing, Inc. and the
Givenchy brand licensed from Givenchy Corporation. For more than 30 years,
the Company has built a reputation for excellence in product quality and
value, and in operational execution.
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2003 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
SOURCE Jones Apparel Group, Inc.
/CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita
Britt, Executive Vice President Finance, +1-215-785-4000, both of Jones
Apparel Group, Inc./
/Web site: http://www.jny.com /
CO: Jones Apparel Group, Inc.; Barneys New York, Inc.
ST: New York
IN: FAS TEX REA
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0414 12/20/2004 14:38 EST http://www.prnewswire.com