Bristol, Pa.-based Jones Apparel Group Inc. has consolidated and rebranded certain operations. The
company will record pre-tax charges of $25.5 million, or 11 cents per share, in the fourth quarter
of 2002.
The company will close some Sun Apparel production facilities in Mexico, and certain
warehousing and administrative facilities in Texas. Certain jobs will be eliminated, to be absorbed
by the company’s existing l.e.i. jeanswear manufacturing facilities.
“Our continued focus is to improve upon our efficient operating model in order to better
support future expansion through both internal growth and acquisitions,” said Peter Boneparth,
president and CEO.
In addition, Jones Apparel plans to rebrand 20 of its 47 Enzo Angiolini retail stores that
have not achieved the company’s return on investment goal.
March 2003
