Perhaps because its acquisition formula has run out of steam. Despite assembling an impressive collection of midpriced brands like Anne Klein, Jones New York and Nine West, industry executives and analysts say that Jones Apparel has stumbled in its efforts to satisfy its investors' demand for growth.

Sales of several Jones clothing lines, including Evan-Picone and Jones New York Signature, have slipped.

Jones gave up a lucrative deal to sell Ralph Lauren apparel after a legal dispute.

And the company has failed to find a trendy brand that connects with young shoppers — as its rival Liz Claiborne did with Juicy Couture.

These troubles may explain, in part, why the company announced yesterday that it had retained Goldman Sachs to explore a possible sale, a development with implications for Seventh Avenue designers and the dozens of retailers that stock its clothing.

Analysts suggested that several clothing companies that may covet one or more Jones brand would be logical buyers, among them the VF Corporation, maker of Wrangler and Lee jeans, and even the relatively small Oxford Industries, owner of Tommy Bahama.

But many industry executives expect the Jones labels to end up in the hands of private equity groups, which have been eager buyers of value-driven companies in recent years and are flush with cash.

Gilbert W. Harrison, chairman of Financo, a New York investment bank that specializes in retail, said one possible outcome was that a consortium of private equity groups or another apparel company would split the company into three parts — apparel, footwear and Barneys — that could be operated or sold individually.

Investors certainly think Jones will have no trouble attracting buyer interest. On the New York Stock Exchange, shares of Jones, which is based in Bristol, Pa., closed at $34.84 yesterday, up $4.02.

Private equity groups have grown fond of clothing makers and retailers, snatching up Neiman Marcus and Toys "R" Us in the last year.

Saks Fifth Avenue and the arts and crafts chain Michael's are also grooming themselves for possible sale.

"There is an awful lot of capital out there for financial buyers to acquire these types of companies," said Michael Appel, a partner at Quest Turnaround Advisors, a turnaround management and advisory firm that specializes in retail.

Arnold H. Aronson, managing director of retail strategies at the consulting firm Kurt Salmon Associates, agreed, arguing that with sales topping $5 billion, Jones Apparel was "a very expensive bite" for a company like Liz Claiborne or Ralph Lauren.

Under the leadership of Peter Boneparth, 46, a former investment banker who was appointed chief executive in 2002, Jones Apparel has become a leader in the midpriced clothing market.

The company was founded in 1970 by Sidney Kimmel, its chairman, with the goal of imitating the look of high-priced designers without the high prices.

Its products range from $25 Jones New York belts sold at Macy's to $395 Bridget Shuster sandals available at Nordstrom.

Mr. Boneparth has earned a reputation for take-no-prisoners maneuvers. In 2003, he sued Polo Ralph Lauren over a license to sell dresses, blouses and skirts under the Lauren name, a dispute that ended with Jones abandoning the brand and creating a new one in its place.

In 2004, Mr. Boneparth stunned retailers and designers with his $400 million purchase of Barneys, the luxury clothing retailer with a flagship store on Madison Avenue in the heart of the Upper East Side.

The aggressive moves impressed Wall Street, but analysts say they have not solved deeper problems at the company.

The merger last year of Federated Department Stores and May Department Stores, Jones's two biggest retail clients, threatens to cut into the company's sales. Federated accounts for 19 percent of the total Jones Apparel revenue, a high level of exposure should the department store cut back on orders.

Several Jones clothing lines are already struggling. From 2004 to 2005, revenue from Jones's better-apparel line, which includes Kasper Suit and Jones New York Signature, fell 3.7 percent; sales of its moderate clothing lines, including Gloria Vanderbilt and Bandolino, fell 3.8 percent. Footwear and accessory lines, including Nine West and Easy Spirit, slipped 2.4 percent.

One bright spot, however, was retail sales, which grew 71 percent, lifted by the purchase of Barneys New York.

Total revenue for Jones Apparel rose 9 percent last year.

Net income for the company declined in both 2004 and 2o05, ending last year at $274.3 million.

A company executive did not return a phone call yesterday.