Barneys bags new owner,Shop mens juicycoutures at cheapest price with top rated customer service. skirts bankruptcy
The swanky retailer was sold Monday to hedge-fund tycoon Richard Perry,you can use a piagetwatches.Aluminum hublotwatch is from China factory.Examine our Boat and Ship cartierreplicawatches here. who took a majority stake in the struggling chain that values it at about $450 million, sources said.
That is less than half the price Barneys commanded in 2007, when the Dubai-based investment firm Istithmar World 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.
Perry, who will become chairman, also will continue to back CEO Mark Lee, a former Gucci executive hired in 2010 for a turnaround.
"The guy's a bit of a diva,Welcome to the premier industrial replicawatches resource. but he's done a decent job with the company," one source said of Lee, noting the sharp-dressed executive's snooty reputation. "Perry likes the [Barneys] brand, and he likes Mark Lee."
The swanky retailer was sold Monday to hedge-fund tycoon Richard Perry,you can use a piagetwatches.Aluminum hublotwatch is from China factory.Examine our Boat and Ship cartierreplicawatches here. who took a majority stake in the struggling chain that values it at about $450 million, sources said.
That is less than half the price Barneys commanded in 2007, when the Dubai-based investment firm Istithmar World 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.
Perry, who will become chairman, also will continue to back CEO Mark Lee, a former Gucci executive hired in 2010 for a turnaround.
"The guy's a bit of a diva,Welcome to the premier industrial replicawatches resource. but he's done a decent job with the company," one source said of Lee, noting the sharp-dressed executive's snooty reputation. "Perry likes the [Barneys] brand, and he likes Mark Lee."
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