Canadian menswear company Grafton Fraser Inc. (North York, Canada) has purchased 35 Jones New York (New York) retail stores located in Canada. According to Toronto Star, the Canadian Jones New York stores have been profitable, selling a significant volume of clothing.
In January, private equity firm Sycamore Partners (New York) announced it would be closing all 127 Jones New York retail stores in the U.S. and Canada. Currently, the Jones New York stores located in the U.S. are still slated to close by the end of 2015.
Grafton Fraser plans to stop selling the brand wholesale and expand the number of standalone stores it operates in the country to more than 110. It also aims to maintain the brand’s essence, while updating its designs and providing better sizing. Those changes are anticipated to take place by fall 2016.