The Dubai investment agency that owns Barneys New York Inc will inject at least $10 million into the struggling high-end retailer, the New York Post reported on Sunday.
The new capital from the Dubai government investment agency Istithmar World should enable Barneys to pay down its revolving credit facility and free up cash, positioning it to ride out the current U.S. economic recession, the Post said.
The newspaper said Barneys, which still has no chief executive, recently laid off 76 workers.
No comments:
Post a Comment