Apparel Company Jones Apparel Group Inc announced that it has completed the sale of its Polo Jeans Company business to Polo Ralph Lauren Corporation.
The Company and Polo Ralph Lauren Corporation have also settled the pending litigation between the respective parties, including a former Jones executive.
Jones Apparel Group Inc received an aggregate $355 million in cash at closing, subject to certain post-closing adjustments.
The Company plans to discuss the transaction in more detail on Wednesday, February 15, 2006 in conjunction with its regularly scheduled conference call to review fourth quarter and full year 2005 financial results.
Fortune 500 company, Jones Apparel Group is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories.
They also market directly to consumers through our chain of specialty retail and value-based stores, and operate the Barneys New York chain of luxury stores.
marketing@alchempro.com
