Jones Group slashes number of U.S. stores, shares

Jones Group slashes number of U.S. stores, shares rise (Reuters) - Jones Group Inc , the fashion company that owns retail chains Nine West and Jones New York, said it will close about 170 underperforming U.S. stores by mid-2014 and cut its workforce by about 8 percent in a bid to revive profits. Shares of the company rose 2.7 percent to $13.97 on the New York Stock Exchange after it announced the cuts, which it said would cost it about $40 million to $60 million over the next 15 months. Jones' U.S. stores have struggled in the face of aggressive competition. Sales during the all-important holiday season fell about 7 percent. ...

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