The Commerce Department announced Wednesday that retail sales
jumped 1.4% in May, double what analysts had been expecting. The numbers are
encouraging news for Dubai-based private equity firm Istithmar, which is
moving closer to a deal for department store chain Barneys New York, according
to the New York Post. Istithmar could reach a deal as early as this week for
the luxury retailer for around $950 million. The New York Post says the
weakening U.S. dollar and Istithmar's deep pockets from the oil industry are
other factors that could help the deal go through. If an agreement is reached,
Jones Apparel Group Inc. could see a profit of $450 million after purchasing
Barneys
only
three years ago. — Gerald Magpily
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New York Post article
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Dealscape May 2
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