Jones Dumps C.E.O. Amid Barneys Sale
Jones Apparel, the owners of Barneys New York who are in the midst of considering bids nearing $1 billion to sell it, announced yesterday that the company's president and C.E.O., Peter Boneparth, is leaving.
That Mr. Boneparth was not long for Jones was known already--Jones had announced earlier in the year that his contract, set to expire in 2009, would not be renewed. That announcement came on the heels of last year's failure to sell Jones entirely; the company was taken off the market, and it was agreed that certain of its holdings would be sold off instead. The company struggled to make money last year.
But, as the AP notes today:
Boneparth scored a victory last month, when he orchestrated the sale of luxury retailer Barneys New York to an affiliate of Dubai-based investment firm Istithmar for $825 million, more than twice the price Jones paid back in 2004. That bid was upped earlier this month by Japan's Fast Retailing, which offered $900 million. Jones announced this year that it was planning to sell some of its poor-performing moderate brands.
So, the future of Barneys is now in the hands of current Jones C.F.O./C.O.O Wesley Card.
