BARNEYS BATTLE IS SET TO BEGIN

The tug-of-war for control of Barneys New York has officially begun.

Istithmar -- the Dubai-based private-equity firm that owns the struggling luxury chain -- this week hired boutique adviser Perella Weinberg Partners to help restructure the retailer's $500 million debt load.

Sources said any effort to refinance the company will likely pit Istithmar against hedge-fund kingpin Richard Perry, in what could amount to a battle for influence over Barneys and its strategic direction.

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