In the early hours of this morning, the Japanese retailer Fast Retailing declined to match a competing bid to buy Barneys New York, paving the way for the Dubai firm of Istithmar to proceed with its purchase of the chain of fancy stores from Jones Apparel Group.
Jones Apparel Group announced this morning that it has signed a new deal to unload iconic high-end Manhattan retailer Barneys New York to the Dubai investment firm Istithmar for $942.3 million in cash.
The sum is actually slightly less than a reported $950 million offer from rival firm, Fast Retailing of Japan, owners of Read More
Fast Retailing Inc., the Japanese retail giant that owns the UNIQLO chain of cheap-chic clothing stores and which put together a $900 million bid to buy Barneys New York from the Jones Apparel Group, downgraded its forecast for the third time this business year.
According to Reuters:
Having built up an empire of more Read More