Perry Capital Aquires Barneys New York
Photo: Getty Images
Barneys New York.
While you've been shopping at Barneys, Perry Capital has been shopping for Barneys.
The fund—owned by Richard Perry, who is married to fashion designer Lisa Perry—just became the majority owner of the retailer, Women's Wear Daily is reporting. Perry Capital purchased the stake from Barneys' current owner, Istithmar World, which is headquartered in Dubai.
The deal will help reduce Barneys' current long-term debt of $590 million to $50 million by converting the debt to equity. Ron Burkle's firm, The Yucaipa Companies, is partnering with Perry Capital on the deal.
Barneys CEO Mark Lee told the paper, “This is an exciting moment in the history of Barneys New York. We are extremely pleased to have reached an agreement with our partners that will significantly reduce our debt and provide the company with the funding to accelerate the execution of our successful business strategy.”
