Private equity firm Sycamore Partners LLC is in advanced talks to acquire apparel retailer Jones Group Inc and is working toward a deal in the next few weeks, according to sources familiar with the process. Sycamore is discussing a price of less than $16 per share - or roughly $1.3 billion based on shares outstanding - and is in the process of lining up financing for the deal, two people said on Friday.The sources asked not to be named because the matter is not public.A final price tag as well as details of the deal structure remain in flux, however, and there is no guarantee that a deal would materialize, the sources cautioned.The deal structure is complex as Jones owns dozens of brands - including Nine West and Stuart Weitzman - and Sycamore may want to offload some of these labels to other buyers, one of the people said.
The Jones Group Inc. (Jones) is a global designer, marketer and wholesaler of over 35 brands with products in apparel, footwear, jeanswear, jewelry and handbags. Shares of JNY traded higher by 6.76% or $0.88/share to $13.89. In the past year, the shares have traded as low as $10.42 and as high as $17.78. On average, 1066760 shares of JNY exchange hands on a given day and today's volume is recorded at 1776789.
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