Barneys is thinking over either debt restructuring or filing bankruptcy to regain control of the company from Dubai’s Istithmar, the company that purchased Barneys for $942 million in 2007.
With the new ownership came considerable debt, and now that sales are down, Barneys is seeking a ways to be rid of some of their debt.
Canada’s Holt Renfrew reached out to Perry Capital, the very hedge fund that helped finance Istithmar’s purchase of Barneys, about a joint offer to control Barneys.
No decisions have been made, but if it eases the department store’s debt, good for them!
We’ll buy you, Barneys!
Is $3.99 enough???