Jones New York bought by Grafton, will remain open and even expand
Men's clothing retailer Grafton Fraser Inc. said Wednesday that it has acquired 35 Jones New York retail stores across Canada and is planning "significant growth" in the number of stores in the new future.
Jones New York, a privately held women's clothing company, had announced in late January that it would close all 127 of its retail stores, including the Canadian locations, between this summer and the end of 2015.
Grafton Fraser said it had also signed a long-term deal with Authentic Brands Group, which purchased Jones New York in April, in order to operate Jones New York e-commerce in Canada.
Terms of the acquisition, which Grafton Fraser said would save approximately 400 jobs, were not disclosed.
Privately-owned Grafton Fraser has been in the Canadian fashion business since 1853.
The Toronto-based company operates such names as Tip Top Tailors, George Richards Big &Tall, Mr. Big & Tall and Kingsport.
"We are very excited to add Jones New York women's clothing stores to our growing fashion retail portfolio," said Grafton Fraser president and CEO Dave McGregor.
"For more than two decades Jones New York has been a trusted fashion brand in Canada that women have looked to for its timeless elegance, great quality and style."
Authentic Brand Group chairman and CEO Jamie Salter said Grafton Fraser has the "proven leadership, experience and team to reinforce Jones New York's powerful presence in the Canadian fashion market."
"We look forward to working with Grafton Fraser as we continue to grow the Jones New York retail footprint in North America."