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Jones New York, Kate Spade Saturday stores closing
Shutdowns will open up at least three Downtown retail locations
It was a day of restructuring for fashion brands, with Jones New York announcing the closure of 127 outlet stores and Kate Spade deciding to shutter all 19 retail locations of its casual line Kate Spade Saturday.
The closure of the Kate Spade Saturday stores will open up a storefront at 125 Spring Street in the heart of Soho, Crain’s reported. The predominantly women’s fashion brand will also close its men’s stores, Jack Spade, at 400 Bleecker StreetAnd 56 Greene Street, though the Jack Spade brand will continue online and in department stores. Kate Spade posted net sales of $1.3 billion in 2013. This summer, the company announced massive sales growth but blamed the Saturday and Jack Spade brands for lost profits.
Jones New York, for its part, will also be discontinuing its wholesale business and exploring strategic alternatives. Sycamore Partners acquired Jones Group, the owner of Jones New York and Nine West, in 2013 in a deal that valued the retailer at $1.2 billion.
Kate Spade is set to open a store in the World Trade Center’s retail complex the Oculus. [Crain’s] and [Crain’s] — Tess Hofmann