Barneys New York Under New Ownership
Barneys New York announced that it's reached an agreement with the company's largest lender, Perry Capital, its sponsor, Istithmar World, and certain of its other lenders to significantly reduce the company's debt and improve its capital structure. The transaction provides Barneys with significant financial flexibility to prioritize its investment in its operations and grow the business. As part of the agreement, Perry Capital and The Yucaipa Companies have partnered to convert debt for equity in order to reduce Barneys' long-term debt from $590 million to $50 million. As a result, Perry Capital has become the majority owner of Barneys.