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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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UNITED STATES SECURITIES AND
EXCHANGE COMMISSION Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 7, 2003
JONES APPAREL GROUP, INC.
(Exact Name of registrant as specified in its charter)
Pennsylvania |
1-10746 |
06-0935166 |
250 Rittenhouse Circle
Bristol, PA 19007
(Address of principal executive offices)
(215) 785-4000
(Registrant's telephone number, including area code)
Item 5. Other Events.
On August 7, 2003, the Registrant issued a press release announcing that the Special Committee of the Board of Directors of Kasper A.S.L., Ltd. had determined that the Registrant had made the highest offer to purchase Kasper at the previously announced auction. A copy of the press release is filed herewith as Exhibit 99.1.
Item 7. Exhibits
99.1 | Press Release of the Registrant dated August 7, 2003. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JONES APPAREL GROUP, INC. (Registrant) By: /s/ Wesley R. Card |
Date: August 7, 2003
3
Exhibit Index
Exhibit No. | Description |
99.1 | Press Release of the Registrant dated August 7, 2003. |
4
EXHIBIT 99.1
FOR IMMEDIATE RELEASEContacts: | Wesley R. Card, Chief Operating and Financial Officer Anita Britt, Executive Vice President Finance (215) 785-4000 |
JONES APPAREL GROUP, INC. ANNOUNCES HIGHEST OFFER
FOR THE PURCHASE OF KASPER A.S.L., LTD.
NEW YORK, NEW YORK - August 7, 2003 - 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' Committee.
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
Court.
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.
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