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NEW YORK (AP) - Jones Apparel Group Inc. said Tuesday its board is considering a possible sale of the entire clothing and accessories maker whose brands include Jones New York, Evan-Picone and Gloria Vanderbilt. Its shares soared more than 12 percent.
The company appears to be taking advantage of a cash-rich environment for private equity players, which have snapped up a string of retailers including Neiman Marcus Group Inc. and Toys R Us Inc. in deals that made them private companies.
"It is a pretty frothy market out there, and there is a lot of capital," said Michael C. Appel, managing director of Quest Turnaround Advisors LLC. "(Jones) is looking at a window of opportunity where they can get a premium," for their shareholders.
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