Jones Apparel Considers Selling Itself

Jones Apparel Group Inc., which owns the Nine West label and Barneys clothing stores, said Tuesday that it was considering a sale of the company, sending its shares up as much as 15%.

Jones, which has a market capitalization of $3.5 billion, said it had hired Goldman, Sachs & Co. as its financial advisor to assist in the process.

It cautioned that there were no assurances that any sale would take place.

The company, based in Bristol, Pa., is in the early stages of weighing its options and has talked with several private equity firms, a source familiar with the situation said.

Jones has struggled with weak demand in its wholesale footwear, accessories and junior denim businesses, but its purchase of Barneys New York Inc. gave it a foothold in the thriving luxury market.

Jones has “some great brands, but they have gotten lost in the mix. They could thrive under the right management,” the source said.

Last month, Jones sold its Polo Jeans business back to Polo Ralph Lauren Corp. and said it would use the proceeds to explore strategic options, including acquisitions and share repurchases.

Shares of Jones surged as high as $35.50 before giving up some gains to close at $34.84, up $4.02, or 13%, on the day.