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Barneys owner says it is committed to luxury chain

Barneys owner says it is committed to luxury chain

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Glad to hear they are “fully committed” to Barneys. Here’s Forbes with the report:

Dubai investment firm Istithmar PJSC on Tuesday said it is “fully committed” to Barneys New York after a news report suggested the luxury chain it bought in 2007 might need to restructure its debt or even file for bankruptcy protection in order to stay afloat. Istithmar PJSC, which acquired the company from Jones Apparel Group Inc. in 2007 for $942.3 million, said in a statement to The Associated Press that it is supportive of Barneys management team. “These are challenging times for retailers, and the company continues to work aggressively to improve its financial position,” Istithmar said. The statement came after a report from Bloomberg News, citing sources briefed on the matter, said the company could restructure its debt or file for bankruptcy protection due to its heavy debt load. The report also said that according to sources, investment firm Perry Capital LLC – which helped Barneys finance a $180 million loan, according to the report – had been approached by Toronto department-store chain Holt Renfrew about a joint offer for control of the retailer. – from Forbes