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Daily News – September 2, 2009: Holt Renfrew To Purchase Barney’s?

September 2, 2009

A focus in the industry today is Barney’s department store.  They are on the verge of bankruptcy, and it also seems as if Canadian retailer Holt Renfrew is trying to acquire the company.

MR Magazine’s Harry Shef points out in this article:

Barneys may be weighing a bankruptcy filing, according to a number of market sources. The move would reportedly help the luxury retailer end its relationship with Dubai investment group Istithmar, which bought it two years ago.

Istithmar released a statement saying that it “remains fully committed to Barneys and supportive of its management team. These are challenging times for retailers, and the company continues to work aggressively to improve its financial position.”

The bankruptcy may very well be a play to get rid of the foreign investor, but the question then remains who will step in as a partner to work with the chain, support the new CEO and control the company?

Forbes, Bloomberg, and major Canadian papers are all reporting that Holt Renfrew has teamed up with Perry Capital to take a run at gaining a controlling stake in Holt Renfrew.  We look forward to seeing how the proposal plays out.

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