Barney Jones?

The Jones Apparel Group (Bristol, Pa.) is reportedly expected to announce today a deal to buy the trendy fashion clothing chain Barneys New York.

Ever since Barneys announced, in June, that it had retained investment banks to help broker a sale, rumors have flown as to the most likely suitors. The most frequently mentioned names were Neiman Marcus (Dallas), Nordstrom (Seattle) and Federated Department Stores (Cincinnati), all of whom have familiarity in the fashion retailing world. But, according to the report in The New York Times, the big chains dropped out because they considered the asking price of $400 – $500 million too high.

But Jones — a $4.3 billion clothing company whose brands include Jones New York, Evan-Picone, Rena Rowan, the Nine West Group, Easy Spirit, Enzo Angiolini, Bandolino, Gloria Vanderbilt, Maxwell Shoe (Anne Klein, Joan & David) — has evidently offered to pay $400 million. The Times notes that Jones ceo Peter Boneparth has become known as a man who takes risks. During his feud with Ralph Lauren over the Lauren clothing license last year. he walked out of the talks and returned with a lawsuit.

On the other hand, an industry analyst noted to The Times that Jones has “always shied away from luxury.”

Once a quintessential name in fashion retailing power, Barneys overexpanded and filed for Chapter 11 bankruptcy protection in 1996. It emerged from bankruptcy in 1999 under its new owners, Whippoorwill Associates and Bay Harbour, two investment firms. The company owns 21 stores. Since its June announcement, Barneys has opened a new Co-op store – the company’s contemporary chain – on the Upper West Side of Manhattan and announced plans to open a store in Copley Square in Boston.