Barneys acquisition complete

Yesterday the US Jones Apparel Group Inc successfully completed its acquisition of the department store Barneys New York Inc. The transaction cost Jones $397.3 million (GBP215.5 million), which included $19 per common share to Barneys shareholders, amounting to a total of $291.3 million. Furthermore, Jones subsidized the repurchase of Barney outstanding Senior Secured Notes due 2008, with a face value of $106 million.

Chief Executive Officer of Jones, Peter Boneparth, was pleased with the transaction, stating that it complemented the Jones diversification program and would add an extra dimension to the company's current portfolio. This consists of Jones New York, Evan-Picone, Norton McNaughton and Gloria Vanderbilt.