By Kevin McCauley
Joele Frank, Wilkinson Brimmer Katcher handled the financial restructuring of Barney’s New York, a move that enables the high-end retailer to avoid another bankruptcy filing.
Under the deal, Ron Burkle’s Yucaipa Cos. and Perry Capital agree to swap $540M in debt to gain control of the 89-year-old company that was founded by Barney Pressman.
Perry Capital, which was Barney’s biggest bondholder, is now majority owner.
The deleveraging, according to CEO Mark Lee, will provide Barney’s increased cash flow needed to revitalize stores, improve online operations and enhance the customer experience.
The chain reported a double-digit sales gain in 2011. It runs stores in New York, Boston, Chicago, Dallas, Scottsdale, Las Vegas, Beverly Hills, San Francisco and Seattle.
JFWBK’s Dan Katcher, Meaghan Repko (partners) and Jim Golden (director) work the Barney’s business.
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