Wednesday, August 08, 2007

Breaking: It's Fistacuffs Over Barneys

WWD reports,

"Jones Apparel Group and Istithmar have inked a new $942.3 million cash deal for the Dubai-based firm’s purchase of Barneys New York.

"The new agreement allows Fast Retailing Co. Inc., Istithmar’s competitor for Barneys, to make one more offer for the upscale retailer. That offer has to be submitted by 5 p.m., Thursday. Should Jones accept a new offer from Fast, the U.S. apparel giant must pay Istithmar a termination fee of $34.7 million."

Just as we suspected...EVERYONE HEARTS BARNEYS