News Flash

Jones Apparel decides not to persue company sale

16 Aug '06

3 min read

Jones Apparel Group Inc announced that its Board of Directors has concluded its formal sale process and has made the decision not to pursue a sale of the Company.

The Board, in conjunction with the Company's financial advisors and management, has conducted a thorough review and has concluded that at this time the continued execution of the Company's strategic plan will create greater long term value for shareholders than a sale of the Company.

Jones announced the exploration of a possible sale in March 2006.

Commenting on the Board's decision, Peter Boneparth, President and Chief Executive Officer, stated "The Board has concluded that at this time the best alternative to maximize long term shareholder value is to continue executing on the Company's strategic business plan. Jones has built a reputation for excellence in product quality and value.

The Board, management team and I look forward to continuing to grow and strengthen Jones's position as a leader in the apparel, footwear, accessories, and retail industries."

The Company will host a conference call with management to discuss this announcement at 8:30 am eastern time on August 16, which is accessible by dialing 412-858-4600 or through a web cast.

Jones Apparel Group Inc, a Fortune 500 company, is a leading designer, marketer and wholesaler of branded apparel, footwear andaccessories.

More Jones Apparel Group Inc News... More Fashion News - United States Of America...