Fashion company Jones Group announced Friday they had been bought by private-equity firm Sycamore Partners for $1.2 billion and the absorption of about $1 billion in debt.
The Jones Group has financial offices located on Rittenhouse Circle in Bristol Township and employs 6,200 people company wide.
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The company, which is behind the brands Anne Klein, Stuart Weitzman and Nine West, generated $3.80 billion in revenue in 2012. However, Jones Group still posted a loss of $56.1 million last year. In an attempt to right itself, the company cut the work force by 8 percent and closed 170 retail locations in early 2013.
“We are honored that the board of The Jones Group has entrusted Sycamore Partners as the steward of this portfolio of iconic brands,” Managing Director at Sycamore Partners Stefan Kaluzny said in a statement.
It is unclear if the sale will lead to any job losses in Bristol Township or anywhere else throughout Jones Group.
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“This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands. I am proud of our heritage and believe The Jones Group’s brands will thrive through our partnership with Sycamore,” Jones Group Chairman Sidney Kimmel said.
The sale will still have to be approved by company shareholders and regulatory officials. Sycamore Partners said in a statement that they hope to close the deal by the second quarter of 2014.
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Estee Lauder moved into a location in the Keystone Industrial Park in Bristol Township that was previously used by the Jones Group in 2011. Estee Lauder is working to expand the facility and add more jobs.
