NEW YORK, Aug. 7 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that the Special Committee of the Board of
Directors of Kasper A.S.L., Ltd. has determined that Jones has made the
highest offer to purchase Kasper at the previously announced auction. The bid
purchase price consists of $204.0 million in cash and the assumption of pre-
paid royalties projected to be $12.6 million at closing, for an aggregate
value of $216.6 million. In addition, the purchase price is subject to
adjustments. The transaction has the support of the Official Creditors'
Jones Apparel Group's bid is subject to confirmation at a hearing in the
Bankruptcy Court scheduled for August 14, 2003. If the bid is confirmed, the
purchase of Kasper will be implemented through an amended plan of
reorganization that will require, among other things, the approval of the
requisite majority of Kasper's creditors and confirmation by the Bankruptcy
Jones Apparel Group, Inc. (www.jny.com), a Fortune 500 Company, is a
leading designer and marketer of branded apparel, footwear and accessories.
The Company's nationally recognized brands include: Jones New York; Lauren by
Ralph Lauren, Ralph by Ralph Lauren, and Polo Jeans Company, which are
licensed from Polo Ralph Lauren Corporation; Evan-Picone, Rena Rowan, Norton
McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Currants, Jamie Scott,
Todd Oldham, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier and
Judith Jack. The Company also markets costume jewelry under the Tommy
Hilfiger brand licensed from Tommy Hilfiger Corporation and the Givenchy brand
licensed from Givenchy Corporation, and footwear and accessories under the
ESPRIT brand licensed from Esprit Europe, B.V. Celebrating more than 30 years
of service, the Company has built a reputation for excellence in product
quality and value, and in operational execution.
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2002 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
SOURCE Jones Apparel Group, Inc.