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There is a long, very trade-magaziney piece in today's Women's Wear Daily about Barneys. The gist of the article is that the luxury department store is in a lot of trouble. There's no one in charge ("Since the departure of former ceo Howard Socol, the store is being run by a committee of five veteran executive vice presidents on the merchandising, marketing and financial sides"), new owner Istithmar has been trying to unload the chain for months and no one is biting, and the financial middle men Barneys relies on to buy merchandise (called "factors") aren't approving Barneys' spring orders.
Though a source at Versace told WWD that Barneys has been current on payments, not everyone is comfortable with the chain's current financial situation. Our friends over at The Cut don't seem to think that this is a big deal. But hearing that the department store hasn't been able to order all their spring merchandise has us worried. We fear for the future of the Warehouse Sale.
· Factors Drop Barneys Over Sale Uncertainty [WWD, subscription req]
· Barneys Spring Orders Halted [The Cut]