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July 12, 2007
Jones' CEO Resigns Amid Barneys Sale
Jones Apparel Group President and CEO Peter Boneparth has resigned amid the group’s high-profile sale of Barneys New York. Boneparth will be succeeded by current Chief Financial Officer Wesley R. Card.
Boneparth spent five years atop the company after a career as an investment banker. He started to come under scrutiny last year when Jones reported a $144 million net loss and Boneparth failed in his plan to sell the company as a whole.
There is currently a bidding war for the company’s top property, Barneys, which could go to Japan’s Fast Retailing Co. or Dubai-based private equity group Istithmar.
Posted by Blacks on July 12, 2007 09:43 AM
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