Jones Apparel Group to Close 225 Stores
 The Wall Street Journal reports that Jones Apparel Group, which owns a number of women's fashion brands including Anne Klein, Jones New York, Nine West and Bandolino, plans to close 225 stores over the next two years. Profits plunged 98% for the retailer in the first quarter of 2009.
To bolster profit, the New York-based apparel retailer and supplier said it plans to close 225 locations, or 20% of its stores, over the next two years even as it continues to test and evaluate new store concepts. The company disclosed 375 additional job cuts in the first quarter on top of the 185 previously announced.
Net income fell to $300,000, or break even on a per-share basis, from $19.5 million, or 23 cents a share, in the year-earlier period. Revenue for the first quarter ended April 4 including licensing income fell 8.6% to $891.1 million.
TheStreet.com, Retailer Daily and Bloomberg have more on Jones Apparel Group's plans to close stores.
Posted on April 29, 2009
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