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Let's play another round of "What's going on with Barneys?" This morning, Bloomberg News reported that the brand was trying to divorce itself from its Dubai-based owner, Istithmar. According to some anonymous insiders, Canadian retail company Holt Renfrew has offered to buy part of the company. At this point, you'd think Istithmar might jump at the chance—they purchased Barneys back in 2007, at a time when it also seemed like a good idea to build palm-shaped islands off the coast of a desert city, just for kicks. But despite the department store's millions of dollars in debt, Istithmar remains "fully committed" to Simon Doonan et al—a commitment it reiterated in a press release published in response to the Bloomberg article.
· Barneys Said to Weigh Debt Swap Amid Buying Interest [Bloomberg]
· Barneys owner says it is committed to luxury chain [Crain's]
· Barneys Strikes Back: No Plans To Close Stores