Billionaire Wants To Buy Barney's New York

Filed Under: Fashion Smashion Business Blitz Zac Posen

Billionaire Burkle Angles and his investment firm Yucaipa Cos. have offered to put down another $50 million toward the department store's debt, which in turn would give him an 80% stake in the company. The remaining 20% would still go to the current owner Istithmar World Capital.

In a proposal sent in December, Burkle claimed that with the investment they would draw in other luxury partnerships to the retailer such as specialty fashion retailer Scoop, designer label Zac Posen and London-based jewelry designer Stephen Webster.

However, a person close to the Istithmar World says they aren't entertaining Angles' offer.

What!? Why???

CFO Vince Phelan boasts "Our holiday performance exceeded our expectations, and Barneys remains cautiously optimistic for 2010. As was the case before David Jackson's departure from our parent company, no financial restructuring of the company is imminent."

Hopefully they won't regret their choice in a couple of months.

[Image via AP Images.]

Posted: January 29, 2010 at 5:30 pm