Jones Apparel to close 166 stores

New York City Jones Apparel plans to close an additional 166 specialty retail stores this year, but did not indicate which locations will shut down. The company operates under a variety of banners, including Nine West, Anne Klein, Jones New York, and Easy Spirit.

However, most of the closures will be of its mall-based full-priced specialty stores, allowing the company to focus on its outlet stores. It said future store openings will be heavily weighed toward the outlets. 

However, most of the closures will be of its mall-based full-priced specialty stores, allowing the company to focus on its outlet stores. It said future store openings will be heavily weighed toward the outlets. 

For the fourth quarter, Jones reported sales of $777 million, an 8% decline from sales of $847 million in fourth quarter 2008. During that same period, however, gross profit increased 34.4% owing to better inventory management.

“Our fourth quarter results were reflective of today’s macroeconomic situation, which was marked by both low consumer confidence and spending levels,” Card said in a statement.

Jones Apparel ended the quarter with $333 million in cash and $529 million in debt. It repaid $250 million in long-term debt over the course of 2009.