Dubai wielding Istithmars against US

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Finally, angry consumers are given a reason why the designer burqas sold out so quickly at the last Barneys sale (yes, the D & G spring line is maim-resistant, primarily because it's acid-washed already). After months of negotiation, the Jones Apparel Group is close to inking a deal that would sell Barneys to the Dubai government-backed PE firm Istithmar. Jones CEO Peter Boneparth was integral in the purchase of Barneys three years ago for $400mm, but was criticized for the move at the time, with several insiders saying the deal was like paying full retail for a Prada dress.
The sale is partly in response to struggles in Jones Apparel Group's moderately priced apparel brands and flagging shoe business through the Nine West chain.
Istithmar, taking advantage of oil prices and weakness in the dollar, continues to gobble American assets that now include discount retailer Loehmann's, the NY branch of the Mandarin Oriental and a couple of note to self: non-targets NYC buildings (230 Park and 450 Lexington).
DUBAI FIRM CLOSE TO BUYING BARNEYS [New York Post]

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