Barneys New York, one of New York’s bastions of high fashion, has gained a new owner for the second time in five years.
The hedge fund Perry Capital, which is Barneys’ biggest bondholder, announced on Monday that it had taken control of the retailer, concluding a long-running effort to reorganize its finances after laboring under nearly $600 million in debt.
Under the terms of the deal, Perry Capital and another major bondholder, the Yucaipa Companies, will swap their debt holdings for equity stakes in Barneys, shedding about $540 million in long-term debt. Istithmar, the Dubai-based private equity firm that bought the retailer in a 2007 leveraged buyout, will keep a minority stake in the company.
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