The Jones New York Factory stores in Canada are being shuttered.
Great American Group and a subsidiary of B. Riley Financial Inc. said they are closing all 37 of the factory stores. Store closing sales had already started on Wednesday at the stores.
Scott Carpenter, president of Great American’s Retail Solutions division, said, “Over the next several weeks, we will work to quickly sell through the apparel and accessories while maximizing its value.”
Brand management firm Authentic Brands Group in April 2015 acquired the Jones New York brand from private equity firm Sycamore partners. Sycamore had acquired the brand when it acquired The Jones Group in April 2014 in a transaction valued at $1.2 billion. The sale included other brands that were under the Jones umbrella. Sycamore in January 2015 began pursuing strategic alternatives for the Jones New York brand.
When ABG acquired Jones, it said Grafton Fraser Inc., a Canadian retailer of men’s wear, had acquired the factory stores. At the time, Grafton Fraser’s president and chief executive officer said it was looking forward to adding the women’s apparel stores to its growing fashion portfolio.