Jones Apparel Group, Inc. said it has received an amended offer from Fast Retailing Co. for Barney’s New York. The Japanese-based retailer has increased its offer by $50 million to $950 million for the retail chain.
Jones, in a statement issued Sunday, said it would give Istithmar until Aug. 8 to present a counter offer. Istithmar, an investment firm owned by the Dubai government, previously bid $825 million to purchase Barneys under an agreement that allowed competing offers, including any bids for all of Jones. Fast Retailing first disclosed its interest July 5.
Jones, based in Bristol, Pa., will pay $22.7 million to Istithmar should the U.S. company decide to drop the Dubai firm’s offer.
Fast Retailing’s, Asia’s largest clothing retailer, includes its flagship Uniqlo stores.
Barneys New York, a division of Jones Apparel Group, has seven department stores, including its New York City flagship, 14 cooperative stores that sell fashion to younger shoppers, and 13 discount outlet stores.