Fashion retailer Jones New York to close stores

The latest casualty of the intense apparel-industry competition, which has become increasingly dominated by low-priced chains and luxury retailers, is Jones New York.

The women's clothing company announced on January 29 that it will close its 127 retail stores, which includes 36 locations in Canada. It will also discontinue its wholesale business, which means its clothing will no longer be sold at department stores like Hudson's Bay.

The fashion chain, which was incorporated in 1975, has one outlet at Oakridge Centre in Vancouver and factory stores in New Westminster and Richmond.

It will begin shuttering stores this summer.

Andrew Hede, Interim Chief Executive Officer of Jones New York stated in a news release: "We recognize that the Jones New York brand is important to many loyal customers, and we are pursuing strategic alternatives for the brand."

The company did not disclose how many jobs would be lost.

The Jones Group, the owner of Jones New York, was acquired by Sycamore Partners in 2014 as part of a $1.2-billion deal, or $2.2-billion including debt.

The announcement follows the closure of several fashion retailers, including Mexx, Jacob, and Smart Set, in addition to other retailers, such as Target Canada, Sony, and the home décor chains Bombay, Bowring, and Benix.