Jones Apparel is closing in on a deal to sell its Barneys New York luxury department store chain to the Dubai government for $950 million, according to a report in the New York Post. Unnamed sources say that after several months of talks, negotiations are now in their final stages, and a deal could be announced as soon as this or next week. Jones’ CEO Peter Boneparth bought Barneys in 2004 for $400 million. He has been under pressure from shareholders to boost the company’s share price in the face of weak sales in its discount apparel brands and Nine West shoe unit. Jones shares are down 13.6% YTD and 12.2% over the past year. The deal, the Post says, would be vindication for Boneparth. Barneys’ 35 odd stores including flagships in NYC, Beverly Hills, Boston and Chicago sell designer apparel, shoes, accessories and home furnishings. The buyer, private equity firm Istithmar, is owned by the oil rich Dubai government.

Sources: New York Post

Stocks/ETFs to watch: Jones Apparel Group Inc. (NYSE:JNY). Competitors: AnnTaylor Stores Corp. (NYSE:ANN), Brown Shoe Company Inc. (NYSE:BWS), Liz Claiborne Inc. (LIZ). ETFs: Retail HOLDRS ETF (NYSEARCA:RTH)

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