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Reuters
Published
Sep 1, 2009
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Barneys eyes restructuring or bankruptcy

By
Reuters
Published
Sep 1, 2009

Sept 1 (Reuters) - Barneys New York Inc is eyeing a debt restructuring or bankruptcy filing under which its owner, Dubai's Istithmar World Capital, may lose control of the high-end retailer, Bloomberg reported, citing people familiar with the matter.

Barneys

Hedge fund Perry Capital LLC has been approached by Holt Renfrew, the Toronto-based department-store chain, about a joint offer for control of Barneys, according to the report.

Barneys and its owners are still reviewing options and have not made a final decision, the news agency said.

Last month, Istithmar hired an advisory firm to help it mull options to shore up its financial position, a source close to the matter told Reuters.

Istithmar was not available for comment.

It bought Barneys for $942 million from Jones Apparel Group Inc (JNY.N) in 2007. (Reporting by Chakradhar Adusumilli in Bangalore; Additional reporting by Tamara Walid in Dubai; Editing by Dan Lalor and David Holmes)

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