Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
That was fast. Barneys has already issued an official press release in response to the Wall Street Journal article about possible closures of two Barneys locations. It reads in part: "Contrary to the accounts appearing in today’s press, we have no plans to close any of our flagship locations nor have we even engaged in any conversations with our landlords in that regard.” The release then goes on to mention Barneys' new openings, including a Chicago flagship and a Philly Co-Op. WSJ has already amended their article. You may recall that Barneys' owner Istithmar World has also flatly denied persistent rumors that they're putting the chain up for sale.
Barneys New York Announces It Has No Plans To Close Flagship Stores· Rumormongering [Racked]
New York, N.Y., May 6, 2009 – Barneys New York announced today that “Contrary to the accounts appearing in today’s press, we have no plans to close any of our flagship locations nor have we even engaged in any conversations with our landlords in that regard.” In other recent developments, on April 16, 2009, Barneys opened its new Chicago flagship store and its 19th CO-OP store in Philadelphia.
Barneys New York is a luxury retailer with flagship stores in New York City, Beverly Hills, Chicago, Boston, Dallas, San Francisco and Las Vegas. In addition, the Company operates two regional stores, 19 Barneys New York CO-OP stores, 13 outlet stores, and two semi-annual warehouse sale events. The Company also maintains corporate offices in New York City and an administrative and distribution center in Lyndhurst, New Jersey, and has approximately 2,200 employees.
The Company is a subsidiary of Istithmar, a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates, with offices in Shanghai and New York. Established in 2003, Istithmar is 100% owned by Dubai World which in turn is wholly owned by the Government of Dubai. In the three years since its inception, Istithmar has invested in over 30 companies in three sectors -- consumer, industrial and financial services, with assets under management of USD 9 billion.
Istithmar’s ‘I’ Investment Philosophy is based around three core principles—Ideas, Inquiry and Integrity, and is the foundation on which the firm has established a broad portfolio of highly successful investments in the markets from North America and Europe to Asia and the Middle East.
· Barneys Seeks to Shutter Two Stores As Wealthy Consumers Cut Spending [WSJ]