A statement released by Fast Retailing's management says its proposal "s not subject to financing and can be consummated on an expedited basis." If Barneys owner Jones Apparel decides to accept the Fast Retailing offer, it must pay Istithmar $20.6 million in termination fees, or $22.7 million after July 22.
The Barneys portfolio is made up of flagship stores here, Beverly Hills, Chicago, Boston and Dallas; two regional full-price stores; 14 CO-OP Barneys New York stores; and 13 outlet stores. In the fall the chain is scheduled to open its fifth flagship store, in San Francisco. Jones acquired Barneys in 2004 for $400 million. At that time, the chain operated 21 stores across the country.
Fast Retailing is the owner of about 1,800 specialty stores in 12 countries under the names Uniqlo, Theory, Comptoir des Cotonniers, and Princesse tam.tam and others. Uniqlo has 750 stores in Japan, other parts of Asia, North America and Europe.
Istithmar has announced it would expand Barneys after an acquisition. The company has invested in US off-price chain Loehmann's.
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