Jones Apparel Buys Barneys New York for $400 Million

Jones Apparel Group, known for its mid-priced clothing, plans to acquire Barneys New York, Inc. in a deal worth $400 million.

With the deal, Jones hopes to boost its retail business and move into luxury apparel.

Jones will pay $19 for each Barneys share and will fund the repurchase of about $106 million in Barneys debt, according to news reports.

Barneys will continue to operate as a standalone company under its current management team.