NEW YORK -- Sidney Kimmel, founder and chairman of Jones Apparel Group Inc. took home approximately $83 million before underwriting expenses from the sales of more than 2.7 million shares in a secondary offering Wednesday of 3.1 million shares of the...
NEW YORK -- Sidney Kimmel, founder and chairman of Jones Apparel Group Inc. took home approximately $83 million before underwriting expenses from the sales of more than 2.7 million shares in a secondary offering Wednesday of 3.1 million shares of the company's stock.
The shares were priced at $30.50 each.
The balance of the shares were sold by Jones's president, Andrew Grossman, and two charitable foundations: The Sidney Kimmel Foundation and The Rene Rowan Foundation.
The company did not receive any proceeds from the offering.
With the completion of the offering, Kimmel holds a 32 percent stake in Jones, or 8.3 million shares. Shares of Jones Apparel closed at 30 1/2, up 5/8 Wednesday on the New York Stock Exchange.
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