The Jones Group Discussions with Delta Galil About Possible Sale
of Jeanswear Division
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The Jones Group Inc. (NYSE: JNY; the "Company" and "Jones") today confirmed that it is in discussions with Delta Galil Industries Ltd. (DELT/tel Aviv Stock Exchange, DELTY.PK/oTCQX), the global manufacturer and marketer of branded and private label apparel products for men, women and children, regarding the potential sale of Jones' Jeanswear division for an estimated aggregate amount between $350 and $400 million, which would be subject to change depending upon the level of net working capital and additional adjustments. Earlier today, in compliance with Israeli law and in response to Israeli media speculation regarding a potential transaction, Delta Galil issued a press release confirming discussions with Jones.
The Company expects that discussions with Delta Galil will be concluded or terminated within a month. The Jones Group notes that no agreement has been reached and there can be no assurances that any transaction will result from these discussions.
If a transaction were to be consummated, Jones currently contemplates using a substantial portion of the net proceeds from the transaction to conduct share repurchases. No definitive decisions have been reached regarding the use of proceeds from a potential transaction, including the terms or timing of any such actions.
Jones does not intend to make any additional comments regarding this matter unless and until a formal agreement has been reached or discussions have been terminated.
About The Jones Group Inc.
The Jones Group Inc. is a leading global designer, marketer and wholesaler of over 35 brands with best-in-class product expertise across five divisions: apparel, footwear, jeanswear, jewelry and handbags. The Jones Group has a reputation for innovation, excellence in product quality and value, operational execution and talent. The Company also markets directly to consumers through branded specialty retail and outlet stores and through its e-commerce sites.
The Company's internationally recognized brands and licensing agreements (L) include: Nine West, Jones New York, Anne Klein, Kurt Geiger, Rachel Roy (L), Robert Rodriguez, Robbi & Nikki, Stuart Weitzman, B Brian Atwood (L), KG by Kurt Geiger, Boutique 9, Easy Spirit, Carvela, Gloria Vanderbilt, l.e.i., Bandolino, Enzo Angiolini, Nine & Co., GLO, Joan & David, Miss KG, Jones Wear, Andrew Marc/marc Moto (L), Kasper, Energie, Evan-picone, Le Suit, Mootsies Tootsies, Grane, Erika, Napier, Jessica Simpson (L), Dockers (L), Sam & Libby, Givenchy (L), Judith Jack, Albert Nipon and Pappagallo.
Learn about Delta Galil.
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