Jones’s Kasper bid too much for Kellwood

Jones Apparel Group, USA, has triumphed in a tussle with Kellwood for bankrupt apparel business Kasper.

Jones''s offer of $216.6 million was the highest bid in an auction process, and had the support of Kasper''s official creditors'' committee. The bid is subject to confirmation at a bankruptcy court hearing scheduled for Thursday next week (Aug. 14).

Hal J. Upbin, CEO of rival bidder Kellwood commented: "With the bid for Kasper going as high as it did, the acquisition ceased to be attractive to Kellwood, and the directors and management felt our shareowners would be better served pursuing other opportunities that would add greater value to the company."