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Article: Baccarat breaks deal with Miglin.(NEWS)(Marilyn Miglin L.P.)
- Article from:
- Crain's Chicago Business
- Article date:
- November 2, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Shia Kapos
Cosmetics queen Marilyn Miglin unveils a new perfume this week, just in time to cover the scent of a deal gone bad.
The U.S. subsidiary of French crystal maker Baccarat backed out of plans to open a two-story shop in Ms. Miglin's building, 112 E. Oak St., leaving her to pick up the pieces. Literally.
Baccarat already had gutted the first and second floors, at a cost of nearly $2 million. It blames the deterioration of the luxury market for its decision to jump ship, saying in a release that it will "revise its global commercial strategy and focus on existing boutiques and shops.
"There's a reason for everything, ...