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Barneys Gets Another Bidder

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Fast Retailing Co. Ltd., a Japan-based firm that operates UNIQLO, has made an unsolicited offer to Jones Apparel Group for Barneys New York Inc. worth $900 million.

Previously, Jones had reached a deal with Istithmar worth $825 million. Yet another international bidder, Philip Green, had previously expressed interest.

Jones Apparel said the proposal from Fast Retailing is subject to due diligence and other conditions.

Jones said should it terminate its deal with Istithmar, it will be required to pay a break fee of 20.6 mln usd, which will rise to 22.7 mln usd after July 22.

'The agreement with Istithmar has not been terminated and remains in full force and effect,' Jones said.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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