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Large Part Of Barneys Debt Acquired By Burkle
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Posted on 11/20/09 at 11:44am by Ed Liston
The Wall Street Journal reports that Ronald Burkle has invested to a large extent in Barneys New York recently with his Yucaopa Cos. The billionaire investor has bought the company’s secured term loan from Citigroup Inc.(NYSE: C) for around 60 cents on the dollar. This investment will make Mr. Burkle a crucial player in Barneys, a 42-store high-fashion chain.
Barney has been negatively impacted by the recession and has had no CEO for the past 18 months. The latest owner of Barneys was Istithmar, a unit of Dubai’s state owned Dubai World. This company now wants a restructuring of Barneys debt, in which Mr. Burkle would play a central role.
Mr. Burkle has fashion experience, holding stakes in Sean Combs' Sean John clothing lines, specialty retailer Scoop and designer label Zac Posen. Barneys liquidity is said to be okay, and it expects to be fine getting through the forthcoming holiday shopping season.
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