Results tagged “luxuryretailer”

Even Dubai is having money issues! Bloomberg News reports that the Dubai-based Istithmar World PSJC "may sell the luxury retailer for less than half what it paid two years ago as the state-owned fund seeks to raise cash to meet debt payments." Istithmar paid $942.3 million for the retail store in 2007, but sources say bids seem to be in the $350 million to $600 million range. An analyst points out, "It’s a buyers’ market. The fact that luxury-goods stocks have fallen more than 30 percent in the past year is also going to weigh on expectations.” Right—especially since some customers can't get credit! Related: The Barneys Warehouse Sale starts tomorrow.