Dubai investors raise bid for Barneys
NEW YORK Jones Apparel Group today announced that it has signed an amended definitive stock purchase agreement to sell its wholly owned subsidiary Barneys New York to an affiliate of Istithmar PJSC, a Dubai based private equity and alternative investment house, for $942.3 million in cash, subject to certain purchase price adjustments.
Under the terms of the amended definitive stock purchase agreement with affiliates of Istithmar, Jones is permitted to terminate the Istithmar agreement to accept an offer from Fast Retailing Co. if the company’s board of directors determines that an offer from Fast is a “superior transaction” as defined in the Istithmar agreement, subject to the right of affiliates of Istithmar to propose a transaction at least as favorable to the Fast offer in accordance with the terms of the Istithmar agreement. Fast has previously submitted two offers to purchase Barneys. The Istithmar agreement allows Fast to make one more offer which must be received by Aug. 9. In the event that Jones were to terminate the amended Istithmar agreement in order to accept an amended Fast offer, Jones would be required to pay an affiliate of Istithmar a termination fee of $34.7 million.
Mike Donnelly named president of Ralphs
CINCINNATI, Ohio The Kroger Co. today announced Mike Donnelly has been named president of the company’s Ralphs Food Stores division, based in Los Angeles, effective Aug. 19.
Donnelly joins Ralphs from his current position as president of Kroger’s Fry’s division, based in Phoenix, where he has spent much of his career. He joined Fry’s in 1978 and became president of the division in 2000. He then served as senior vp of drug/gm merchandising and procurement for Kroger before returning to lead Fry’s in 2003.
Donnelly replaces Dave Hirz, who is returning to Food 4 Less as president of the division. Hirz has 36 years of experience in the supermarket industry. Prior to joining Ralphs in 2004, he led Food 4 Less, which operates 146 price-impact, warehouse format supermarkets in California, Nevada, Illinois and Indiana.
Paris Hilton launches footwear line
NEW YORK Paris Hilton has signed a licensing agreement with the Antebi Footwear Group to launch a signature footwear line under her own name. The collection is expected to hit stores in early 2008.
“My goal is to create a stylish and fun fashion line from head to toe,” said Hilton. “We chose to partner with the Antebi Footwear Group because the shoes will be a perfect complement to the sportswear line launching this fall. Antebi Group really understands my vision for this line as well as the needs of the fashion-forward young woman.”
Paris Hilton footwear, designed to be chic and trendy, will be produced with high quality components and finishes, and with unique details to be revealed at launch time. The collection features a range of styles, from sexy stilettos and platforms to stylish flats, wedges and a sport collection.