Headlines

New Home for Anne Klein

Jones Apparel wins auction for clothing line's maker

Published

21 years ago

August 8, 2003

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Jones Apparel Group Inc. (Bristol, Pa.) has won an auction to buy Kasper A.S.L. Ltd. (New York), the bankrupt maker of the Anne Klein line of clothing. Jones Apparel agreed to pay $204 million and assume $13 million in liabilities, the company said.

The bid bests Kellwood Co. (St. Louis), which dropped out after the bidding topped $200 million. The purchase is subject to approval at an upcoming court hearing, but no other bidders will be allowed in before then. The deal should be complete by the end of the year, Kasper officials say.

Kasper filed for bankruptcy court protection in February 2002. Its other brands include Albert Nipon, Kasper and Le Suit. Jones Apparel markets clothing and footwear under the Jones New York, Nine West and Gloria Vanderbilt labels.

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