Saturday's defeat Bloomfield Road left the club second from bottom in the Championship, six points adrift of safety and Mandaric feels that it was his duty as chairman to dismiss the 57-year-old.
Speaking to Sky Sports News, the former Portsmouth chief said: "He helped us get promoted from League One, but results meant I had to do my duty as a chairman and what is best as a club.
"I have to do what a chairman has to do, when you in the danger zone, I have a duty to our supporters."
Nevertheless, Mandaric went on to reveal that he has been since been inundated with applications keen to succeed Jones at the club.
"At this point we have 59 candidates and I can't say any names at this time, we will take some time it is a very difficult decision that had to be made, Dave Jones was a good man and a good friend but it is a difficult time,"