Jones Sells Polo
New York–based manufacturing giant Jones Apparel Group Inc. reached a stock purchase agreement to sell its Polo Jeans business to New York–based Polo Ralph Lauren Corporation. Jones will receive $355 million in cash and retain the distribution and product development facilities in El Paso, Texas. Polo Ralph Lauren Corp. will acquire the stock of the Jones subsidiary that holds the Polo Jeans license, as well as the brand’s inventory and the lease for its New York showroom. The deal is expected to be finalized in February.
