Pursuits
Barneys New York Taken Over by Perry Capital on Debt Swap
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Barneys New York has been taken over by Perry Capital in a debt-for-equity swap that reduces the luxury retailer’s borrowings by $540 million, allowing the chain to invest more in its rebounding business.
Perry, which takes over majority control from Istithmar World PJSC, partnered with billionaire Ron Burkle’s Yucaipa Cos. investment firm in the conversion, the New York-based company said yesterday in an e-mailed statement. The transaction will reduce Barneys’s debt to $50 million from $590 million.