Dubai firm buys Barneys New York
From Times Wire Services
In a bid to make the company more profitable and to increase shareholder value, Jones Apparel Group Inc. entered into a definitive agreement to sell Barneys New York to an affiliate of Dubai-based investment firm Istithmar for $825 million.
Jones is selling the chain for more than double what it paid in December 2004 in what was its first move into luxury retail. The deal is expected to close in the third quarter.
New York-based Jones said the proceeds would be used to invest in its portfolio of brands, which include Nine West and Anne Klein.
