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Jones Group — the owner of retail brands like Nine West, Anne Klein and Stuart Weitzman — has hired Citigroup to explore a possible sale of the company, The Post has learned.
The New York-based retailer has begun circulating its financials to potential bidders, and is looking to sell the company in its entirety, if possible, according to sources close to the process.
Jones shares jumped on reports yesterday that Citi had been hired, gaining $1.11, or 7.6 percent, to close at $15.75 after hitting a 52-week high of $17 during trading. The company has a market value of $1.2 billion.
Some insiders view a sale of the whole company as an unlikely prospect, as Jones’ portfolio of brands is a hodge-podge of well-regarded, upscale labels mixed in with aging department-store filler.
In its early stages, the effort to sell Jones is a “very confusing process,” according to one banker.
“You can buy it all; you can buy parts which are hard to separate.”
Potential bidders include private-equity firms, as well as competing manufacturers of shoes, accessories and clothing, sources said.
“Like most companies, Jones Group has ongoing relationships with a wide range of advisers,” it said in a statement. “As a matter of practice, the company does not share the specifics of these relationships.”
Jones this spring came under pressure from activist hedge fund Barington Capital Group to improve its business and stock price.
In response, Jones management has moved to close stores and cut costs. After posting disappointing quarterly results in April, the company said it would close 170 stores and lay off 8 percent of its work force by the middle of next year.
Meanwhile, Barington CEO James Mitarotonda has recently taken a seat on the Jones board.
Jones CEO Wes Card has struggled to modernize Jones’ collection of brands in recent years.