News Flash! In the Bid for Barneys, Istithmar Takes the Lead. Second City Style Fashion Blog

Fountain of 30

August 8, 2007 • Fashion

Barneys

As the retail world turns, Barneys is just waking from amnesia. Jones Apparel Group (the owners of Barneys) and Istithmar have signed a new $942.3 million cash
deal for the Dubai-based firm’s purchase of Barneys New York, according to WWD.

The
new agreement allows Fast Retailing Co. Inc. (Istithmar’s competitor
for Barneys), to make one more offer by 5 pm Thursday for the upscale retailer. It’s a bidding war! Should Jones accept a
new offer from Fast Retailing, the U.S. apparel giant will then have to pay Istithmar a
termination fee of $34.7 million.

Whohoo! This is fun!

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