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.
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!