Posted on June 24, 2009 at 4:25 PM
Filed under: Corporate Strategy | Deal International
Tagged: GRI Group , Jones Apparel Group Inc.

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Jones Apparel Group Inc. (NYSE:JNY) has upped its stake in licensee GRI Group Ltd. to 25%. The retailer, whose brands include Jones New York, Nine West, Easy Spirit, and Albert Nipon, injected another $15 million in GRI, which licenses Jones brands in Asia and Europe. Jones chief executive Wesley R. Card said that "Asia remains a high growth region and the Asian consumer continues to respond positively to our footware and accessory brands."

While Jones may see Asia as ripe for expansion, the company is moving ahead with plans to downsize at home. In April, Jones announced it would close 225 stores by the end of 2010. In addition, it is pursuing a new senior secured credit facility for up to $650 million to replace an existing $600 million line of credit that expires in May 2010. - Suzanne Stevens

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