Thursday, January 22, 2009

Barney's On Chopping Block

Dubai's Istithmar investing company, which purchased the Company for $942 million in 2007, says it is sick of this whole aspirational consumer bullshit and wants a refund... Seeing how all things Dubai are crumbling right now, one can imagine this is more of a firesale than a controlled exit. David Jackson, CEO of the naive Dubai company has said he will not sell Barney's for less than the amount it paid for it (if you are lucky to get half, the bank that does the deal is worth every dollar of its 1.5% M&A fee). Istithmar had suspended its vice chairman (or chairman of vice) and CFO in September after he was detained for alleged embezzlement. Sphere: Related Content
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