WSJ: Hedge fund pressures Jones Group to sell parts of portfolio

New York -- A report by the Wall Street Journal on Friday said that hedge fund Barington Capital Group is pressing Jones Group Inc. to slim down by divesting parts of its portfolio.

Citing an unidentified source, WSJ said that Barington – in a meeting earlier this month – urged Jones to hire financial advisers to analyze many of the company’s 35-plus to pare down the portfolio and focus on its core and emerging brands.

The New York-based retailer is in the throes of a turnaround, led by CEO Wesley Card. Last year, Jones Group posted a $55 million loss on sales of $3.8 billion, well below pre-recession sales of $4.7 billion in 2006.

 

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