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Barneys

Will Barneys File For Bankruptcy?


In January I mentioned that Barneys New York might be up for sale but now the luxury department store might be headed on a different path. Bloomberg News is reporting that the store is looking at either a debt restructuring or a bankruptcy filing. Dubai-based investment fund Istithmar World bought the luxury chain at peak value for $942 million in 2007. But after a year of slumping sales the company is feeling the increasing pressure of its boatload of debt. Earlier this year Barneys got a major infusion of money to allow it to pay for its shipments for the rest of the year.

Bloomberg says that Perry Capital, the hedge fund firm that helped finance the 2007 buyout, has been approached by the Canadian department store chain Holt Renfrew on an offer of join control of Barney's. Holt Renfrew has stores in major Canadian cities including Montreal and Vancouver. Getting a partner might be the best shot for saving the struggling retailer since it's unlikely that a buyer would come forward at this point. According to the article, Barneys and its owners are still considering what to do. With an uncertain holiday season approaching the store may have to make a move soon. Luxury department stores are cautiously optimistic that this season may be better than last but it probably won't be strong enough to alter the situation for stores that are struggling.

Why might Holt Renfrew want Barneys? If the Toronto-based chain ever wanted to make forays into the United States this would present a nice opportunity. The chains are of similar size. Holt Renfrew has nine stores throughout Canada. Barneys has nine department stores in major cities and like other stores such as Saks and Nordstrom it also has thriving business in outlets (it has 13) and lower priced stores (19 Co-OP stores). Both stores stock the same types of designer brands including Marc Jacobs, Zac Posen and Michael Kors.

Paul Smith Debuts Exclusive Collection for Barneys

Filed under: Apparel, Men's Style

Brilliant British designer Sir Paul Smith (right) is teaming up with Barneys New York to launch an exclusive new limited edition menswear collection. Titled simply "Exclusive", the line of suiting, separates and shirting was designed with the urbane Barneys New York customer in mind and will only be available at Barneys flagships.

Manufactured in Italy using Italian and British cloths, Paul Smith Exclusive has a modern, tailored silhouette, "finished with the design twists and styling details that have become synonymous with the Paul Smith brand," such as colorful linings.

Suits feature subtle stripes and Prince of Wales checks on gray and navy grounds, while shirting is bright with striped and checked designs on white bases. Velvet evening jackets and weekend sport coats complete the exclusive and extremely natty collection. Smith also just opened a new store in San Francisco.

Barneys New York Gets Much-Needed Cash Boost

barneys
In January I mentioned that Barneys New York might be up for sale but it seems that the Dubai-based investment fund Istithmar World will be holding on to the luxury department store a little longer (mainly because, right now, no one is buying). Reuters reports that Barneys got a major infusion of money that will allow it to pay for its shipments for the rest of the year.

It was a much needed boost which came immediately after Standard & Poor's cut Barneys to a deeply distressed level warning that vendors might limit shipments. Istithmar has not revealed the amount of the monetary pick-me-up but earlier this month the New York Post said that Istithmar planned to spend at least $10 million. The funds give the troubled department store a little breathing room to stay afloat during these times when spending is low. Luxury department stores have been hit hard by the recession and are cutting back on expenses and inventory until shoppers find their way back to the store aisles.

Barneys For Sale


Luxury department store Barneys may be the next big brand seeking a buyer. The Dubai-based investment fund Istithmar World which bought the retailer less than two years ago is looking to sell. Bloomberg reports that Istithmar wants to sell for the same $942.3 million it paid in September of 2007. Of course things were a little different then and some say that it's ludicrous to expect the same price now. Luxury department stores have been suffering in recent months with both Saks Fifth Avenue and Neiman Marcus reporting major sales declines and laying off workers.

Some say that Istithmar World is looking to raise ready cash and the state-owned fund is willing to sell its entire stake. Dubai's rapid real estate expansion and declining oil prices have put the country in deep debt.

Barneys has had a history of ups and downs. The store was founded by Barney Pressman in 1923. The Pressman family lost control in 1998 and the company flirted with bankruptcy.Jones Apparel Group Inc. for $294.3 million in 2004, a number that seems small considering what they were able to sell it for a few years later. Istithmar would have to hold on to the brand for a long time to get a similar return on its investment. The news comes just as Barneys has been in the news for creating window displays celebrating designer Isabel Toledo, the designer of Michelle Obama's inauguration outfit.

'White Christmas' Inspired Bags, Handbag of the Day

Filed under: Handbags, Holiday Guides

white handbag
'Tis the season for blankets of snow and frosted branches, ski trips and furry boots, and new handbags to match the winter white theme. Whether you are shopping at Saks, Bergdorfs, Nordstroms, Neimans or Barneys there are clean, colorless clutches, totes and hobos to suit the season. Here are a few of my favorites inspired by the holiday tune, 'White Christmas' that are chic, sophisticated and frosty including the Nablak Vernice Tote from Prada pictured above.

Luxury Retailers Slash Prices to 70%

Filed under: Apparel


You almost expect a Prada-clad shopgirl to announce a blue light special in aisle 8. Except you're at Bergdorf Goodman, and they don't do that there. And yet, over the weekend Madison Avenue Spy reported that Bergdorf would slash prices to 70% off, likely to compete with Saks who'd gone that far the week before.

Those on Barney's email list learned this morning that the store would go to 60% off retail. And we're only a week into December.

According to the NY Times, the recent sales have induced a bit of a frenzy in Manhattan, where lizard-skin handbags are tossed together into bargain-bin like displays a la Wal-Mart...aisle 8.

Barney's Hippie-Themed Watches Celebrate Peace

Filed under: Timepieces


Think of the holidays and of all the images that come to mind I bet none of them are the famous hippie symbol of Peace, but this holiday season Barneys is celebrating the 50th anniversary of the peace sign with an exclusive collection of Nixon watches all featuring a Happy Hippie theme. Designs include watch bands made of hand-stitched hemp, hand-stamped leather, and even one limited-edition version designed by Gabriel Urist that has a band of sterling silver with coral and turquoise inlays. The watches are available only at Barneys CO-OP stores (click here to find one near you) and prices range between $500 and $8000.

Barneys' Volkswagen Beetle Cufflinks

Filed under: Men's Style


As part of Barneys New York's 1960s Peace & Love "Hippie Holiday" theme, cooked up by creative director Simon Doonan, the store is offering a special set of Volkswagen Beetle cufflinks. The links, designed on behalf of a holiday partnership between Barneys and Volkswagen by the Caroline Collection, are modeled on the iconic 1967 Beetle. The whimsical "antiqued" cufflinks (above) are made of sterling silver and enamel in various colors and will retail for $550.00 a pair. Commenting on his adoption of the hippie theme, Doonan noted, "We only picked the cheery, upbeat aspects of the '60s! No overdoses or assassinations."

Superga by Isaia Crocodile Skin Sneakers

Filed under: Shoes, Men's Style


In terms of a luxurious take on the classic sneaker, it's hard to beat this crocodile skin version from Superga by Isaia. The result of a collaboration between two famous Italian brands, the limited edition kicks are available by special order from Barneys New York for $2,000. Isaia is one of the world's last remaining Neapolitan sartorial brands, known for its beautiful tailored clothing, while Superga makes Italy's most iconic rubber-soled sport shoes. Other luxe variations include ostrich, sharkskin and Aquacashmere, a stain and water repellent cashmere blend exclusive to Isaia. The special edition sneaks are made to be worn with suits as a way of embodying casual elegance.



[via Affluent Page]

Rodarte's Eco-Chic Candle

Filed under: Decor

Rodarte, the Pasadena-based sister design team who recently won the CFDA's Swarovski Award for Womenswear, has now teamed up with Lexus Hybrid Living to focus on sustainable design. First is their new soy candle featuring Hawaiian orchid, Mirabelle plum and other natural scents in a recycled glass container. The candle will be sold only at Barneys New York and Beverly Hills, though if you were lucky enough to be a guest at the Mulleavy's show on September 9, you already have one.

[via Fashion Week Daily]

Add it to the Wishlist: Prada Ruffle Boot

Filed under: Shoes

Prada's ruffle boot is a suede four-inch platform with gorgeous detailing from heel to ankle. The ruched ruffle (try it three times fast) is great in that almost-couture but totally wearable way.

The pair retails for $890, available at Saks or Barneys, though due to popularity Saks will only allow you to order three pairs every 30 days...three pairs? A generous quota considering the markets.

Batman's Belstaff Jacket In Heavy Demand

Filed under: Apparel

If you were one of millions this weekend you waited in line, paid for your tickets, waited in line again, and watched The Dark Knight with Christian Bale and Heath Ledger this weekend. Sure the gadgets and action were outrageously cool but did you see that smoking hot leather jacket on Bruce Wayne? The Belstaff leather blouson jacket which retails for $1,250 has already been ogled and presold to 6,000 wanna-be-Batmans but you can find yours today at Barneys. Don't think the ladies will mind if you aren't the only one wearing it -- this jacket is hot!

Do Your Target Shopping at Barneys

Filed under: Apparel

I'm a fan of the Go International limited edition designer partnerships and know that for some of the lines it is often a challenge getting them before they sell out in the stores. I'm not certain that I would go to Barneys to buy them but that's what will be happening with the new Go International collection from Rogan Gregory. The Rogan for Target line hits Target stores on May 18 but you can buy it at Barneys stores from May 9 to May 11. This is the first time Barneys has sold Target merchandise but fashionistas may jump at the chance to get the latest pieces from this designer for less. I wonder though if this move indicates that the Go International frenzy has run its course a bit. It also seems to defeat the purpose a bit, part of the lure of the Target Go International line is the fun of buying designer fashion at the same place you stock up on toilet paper and laundry detergent. This is not the first time Barneys has jumped into fast fashion, they also stocked the first line of Kate Moss clothes done for Topshop.

Simon Doonan: "Look Beyond Luxury"

Filed under: Apparel, Books

The irrepressible Simon Doonan, creative director of Barneys New York and all-round fashion guru, has just published his saucy new style manual / memoir, Eccentric Glamour: Creating an Insanely More Fabulous You.

In it he espouses his theory of "eccentric glamour," which isn't about spending a lot of money but rather developing a signature style which says much more about you than the brands you wear. Running out and buying the latest Vuitton bag will only get you so far without a certain amount of savoir faire.

We asked Simon what advice he had for Luxist readers looking to make a suitable impression. "It's not enough just to festoon yourself with designer luxury," he explains. "Everyone needs to develop a few signature flourishes. It can be as simple as applying a bit of Maria Callas eyeliner, or as complicated as an Amy Winehouse beehive. These touches of eccentric glamour are what set you apart from the pack." So there you have it.

At the Barneys New York website, you can enter a sweepstakes to win lunch and a $2500 shopping spree with Simon and three of your friends.

Turn In Your Old T-Shirt at Barneys

Filed under: Apparel, Green


Most of us have a collection of T-shirts we no longer wear. Now instead of donating them to the thrift store you can take them to Barneys. Barneys New York, the Sundance Channel and the eco-chic fashion brand Loomstate have created a national T-shirt recycling program that will start on April 13. Drop off the old shirts Loomstate will "re-fashion" the T-shirts (re-style, re-dye, re-print, etc.) as part of a new, limited edition T-shirt collection which will be sold exclusively at Barneys for Holiday 2008. Those who drop off a shirt will receive a 20% discount on women's Loomstate for Barneys Green and men's Loomstate merchandise from April 13-27. Proceeds from the program will benefit 1% for the Planet.


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