Two weeks after The New York Post first reported that buyout firms had abandoned their interest in Jones Apparel Group Inc., The New York Times is now reporting that the owner of Barneys of New York among other brands will abandon its five-month-old auction. While media reports in June had indicated Bain Capital was the front runner, by late July the Post reported that Bain and rival Texas Pacific Group refused to meet Jones' reported asking price of $35 a share. With no change, it looks like Jones will ask Goldman Sachs to withdraw the auction. However, the Times does remind us that when grocery chain Albertson's Inc. cancelled its auction, it received a last minute bid from SuperValu Inc. and CVS Corp. leading to a deal. Therefore, Bain could still add Jones to its closet. —Matthew Wurtzel
See story from The New York Times
See earlier post from Dealscape
See Jones auction profile from Auction Block
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