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August 15, 2006
Report: Jones Apparel Ends Auction
Jones Apparel Group is taking itself off the block after failing to find a buyer who would meet its price, according to a report out Tuesday.
The retail mammoth, which owns Barneys New York, Nine West and a host of other brands, was reportedly seeking over $35 a share.
However, department store consolidation and mid-market price pressures have taken their toll on Jones, causing profits to drop.
Without an attractive buyer in the wings, Jones is left to shore up its business, perhaps through the acquisition of additional better clothing lines.
Posted by Blacks on August 15, 2006 09:38 AM
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