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Dubai firm buying Barneys New York

June 23, 2007

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Jones Apparel Group Inc. said Friday it has entered into a definitive agreement to sell Barneys New York, synonymous with high New York fashion, to a Dubai investment firm for $825 million.

The apparel and accessories company, which has such brands as Nine West and Evan-Picone in its stable, plans to close the deal with private equity company Istithmar by the third quarter of this year.

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