New York -- Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.
In April, Jones Group said that it would close 170 stores and cut 8% of its workforce after first-quarter profit was less than analysts’ estimates. The news comes just months after activist hedge fund
The company, whose brands include Stuart Weitzman, Jones New York, Easy Spirit, and Nine West, had a market value of about $1.2 billion as of July 5.
The news comes just months after activist hedge fund Barington Capital took a seat on the Jones Group board of directors amid a push to persuade the company to trim its more than 35 brands, Reuters said.