Sycamore Partners to buy Jones Group for $1.2 billion
New York — The Jones Group has accepted a buyout offer of $15 per share in cash, or a total of approximately $1.2 billion, from private equity firm Sycamore Partners. Upon completion of the deal, Jones, whose brands include Nine West, Anne Klein and Easy Spirit, will become a privately held company.
“This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands,” stated Sidney Kimmel, Jones’s chairman. “I am proud of our heritage and believe the Jones Group’s brands will thrive through our partnership with Sycamore.”
The acquisition, which is structured as a one-step merger with The Jones Group as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction is currently expected to close in the second quarter of 2014. At least three shareholder rights law firms have already said they are investigating the buyout.
Liberty Travel signs into Bedminster, N.J.’s Hills Village
Bedminster, N.J. — Liberty Travel has leased a 1,853-sq.-ft. space at The Hills Village Center in Bedminster, N.J., according to Levin Management, the exclusive leasing and managing agent for the property.
Relocation Realty represented Liberty Travel in the transaction. Liberty’s neighbors in the 109,800-sq.-ft. center include Kings Supermarket, CVS, Starbucks, Great Clips, Cold Stone Creamery, The UPS Store, GNC and Subway.
Reebok leases store and gym space in Manhattan
New York — Reebok has leased an 11,600-sq.-ft. space at 1 Union Square West in Manhattan for a combination Reebok Fit Hub store and Reebok Cross-fit gym. Slated to open in the spring of 2014, the location will house the bran’s Manhattan flagship store and the largest Reebok Fit Hub in the chain.
The Reebok Fit Hub concept joins fitness apparel and footwear retail space with a full-function cross-fit gym. The retail portion will occupy 4,800 sq. ft. on the ground floor of the building, and the gym will occupy 6,800 sq. ft. on the lower level.
The store will join two other Manhattan locations as part of Fit Hub’s ten-store U.S. rollout.
RKF represented Reebok in negotiations for the long-term lease. The landlord, Buchbinder & Warren, represented itself.