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Results tagged “luxuryretailer”
On the Block, Barneys Not Attractive to Buyers

On the Block, Barneys Not Attractive to Buyers

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. more ›

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