Barneys New York just took its biggest markdown ever. The
swanky retailer was sold yesterday to hedge-fund tycoon Richard Perry, who took
a majority stake in the struggling chain that values it at about $450 million,
sources told The NY Post.
That’s less than half the price Barneys had commanded in
2007, when Dubai-based investment firm Istithmar shelled out a whopping $942.3
million for Barneys, only to be blindsided by a recession that squelched demand
for designer clothing, shoes and handbags.
The deal will relieve Barneys of a crippling debt load of
$590 million, slashing it to just $50 million, and saving the retailer from the
threat of a bankruptcy filing this year.....
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