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In Brief: Barneys, Inc.

This article was originally published in The Rose Sheet

Executive Summary

Barneys, Inc.: Files Chapter 11 in the U.S. Bankruptcy Court on Jan. 10 in New York. In the filing, the department store chain reported $381.5 mil. in total assets and $361.4 mil. in total liabilities. Barneys lists Hugo Boss and Donna Karan among the company's creditors. Separately, the department store corporation also plans to file suit against its international joint partner, Japanese retailer Isetan Co. to recoup over $50 mil. "withdrawn unfairly" by Isetan and to restructure the companies' partnership, Barneys said. Under the original agreement, Barneys was to supply Isetan with strategic and technological planning while Isetan would supply "the majority of capital" for the construction of three new Barneys stores. According to Barneys, Isetan did not fulfill its obligation in the partnership...
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