Perry Capital Becomes Barneys New Owner
You might notice some big changes happening at Barneys New York soon. It seems as if Perry Capital, the department store’s largest lender, has just become the new owner. Richard Perry’s hedge fund, which specializes in distressed assets, worked with Barneys’ current owner, Istithmar World, and key lender The Yucaipa Companies, to secure the ownership.
Perry Capital will partner with The Yucaipa Companies to shrink Barneys’ debt from its current heft ($590 million) to a goal of $50 million by converting debt for equity. The retailer has plans ranging from its e-commerce to the brick-and-mortar selling floor for how the funds will be utilized. “This agreement provides us with increased free cash flow that will be used to revitalize our stores, invest in Barneys.com and further enhance our customer experience at a time when our operational financial performance is very strong,” said Barneys CEO Mark Lee in a company statement.
Giuliana Rancic: Fashion Designer?
Well, there’s only one thing to do after hosting next to Ryan Seacrest and judging other celebrites’ clothing. Make some of your own! Giuliana Rancic will launch her debut clothing collection called the “G by Giuliana” collection exclusively on HSN, hsn.com and HSN Mobile in September. Rancic plans to spill the beans about G by Giuliana on her reality show May 29.
James Franco for World Domination
The actor/soap opera/model/student/
failing Oscar host/cat lover has decided to add another job to his resume. James Franco has been picked to direct, film and photograph the fall campaign for Seven For All Mankind. “It will be about going out at night in California,” said Liat Mazor, Seven For All Mankind’s retail marketing manager.
The series’ final film, “The Death of Natalie Wood,” will premiere May 13 at a preview of the “Rebel” exhibit at the Museum of Contemporary Art in Los Angeles. Franco’s first cut was three hours long, but it’s been sliced down to less than an hour, Mazor said. “He’s kooky and complex and that’s what we love about it,” Mazor said. Yeahhhhhh, sure.
– Taneisha Jordan
Source: Fashion Week Daily; WWD