The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Announces Exploration of Possible Sale
NEW YORK, March 21 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) (the "Company" and "Jones") announced today that its Board of
Directors is exploring a possible sale of the Company. Jones said there can
be no assurance that any sale transaction will occur. The Company has
retained Goldman, Sachs & Co. as its financial advisor to assist in this
process. The Company also announced that, contrary to recent press reports,
the Company is not currently considering the divestiture of any of its
businesses or divisions.
The Company also stated that it does not expect to disclose developments
with respect to the exploration of a possible sale unless and until its Board
of Directors has approved a definitive transaction or a decision not to
proceed with a sale of the Company is made.
Jones Apparel Group, Inc. (http://www.jny.com), a Fortune 500 company, is
a leading designer, marketer and wholesaler of branded apparel, footwear and
accessories. We also market directly to consumers through our chain of
specialty retail and value-based stores, and operate the Barneys New York
chain of luxury stores. Our 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, Le Suit and Barneys New York. The Company also markets costume
jewelry under the Givenchy brand licensed from Givenchy Corporation and
footwear under the Dockers Women brand licensed from Levi Strauss & Co. Each
brand is differentiated by its own distinctive styling, pricing strategy,
distribution channel and target consumer. We primarily contract for the
manufacture of our products through a worldwide network of quality
manufacturers. We have capitalized on our nationally known brand names by
entering into various licenses for several of our trademarks, including Jones
New York, Evan-Picone, Anne Klein New York, Nine West, Gloria Vanderbilt and
l.e.i., with select manufacturers of women's and men's products which we do
not manufacture. For more than 30 years, we have built a reputation for
excellence in product quality and value, and in operational execution.
Certain statements contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding the Company's expected plans are forward-looking
statements and include statements related to the engagement of a financial
advisor and the Company's decision to explore a possible sale of the Company.
The words "believes," "expect," "plans," "intends," "anticipates" and similar
expressions identify forward-looking statements. Forward-looking statements
also include representations of the Company's expectations or beliefs
concerning future events that involves risks and uncertainties, including the
Company's ability to successfully implement a strategic alternative, the
decision by the Company to explore one or more strategic alternatives, whether
the strategic alternatives could result in enhanced shareholder value, whether
the engagement of Goldman, Sachs & Co. can result in a strategic alternative
for the Company and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission.
A further description of these risks and uncertainties and other important
factors that could cause actual results to differ materially from the
Company's expectations can be found in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2005, including, but not
limited to, the Statement Regarding Forward-Looking Disclosure and Item 1A -
Risk Factors therein, and in the Company's other filings with the Securities
and Exchange Commission. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, such expectations
may prove to be incorrect. 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 Officer, or Efthimios P. Sotos,
Chief Financial Officer, both of Jones Apparel Group, Inc., +1-212-703-9152/
/Web site: http://www.jny.com /