Barneys minority stake reportedly up for grabs

By

Benjamin Fitzgerald

Published
Jul 7, 2016

A minority stake in Barneys New York is reportedly up for grabs, according to local U.S. media.

The New York Post reported that billionaire hedge fund manager Richard Perry, who took a majority stake in the luxury department store in 2012, is selling off a minority share in the upscale chain, according to a source.

It was also suggested that Perry has hired Goldman Sachs to locate a buyer.

“The existing owners don’t want to put more money into Barneys,” said the source, according to The Post.

The news follows Barneys less than appealing first-quarter result, which saw double-digit declines in same-store sales and profits.

Meanwhile, The Post reported Barneys Chief Executive Mark Lee, is said to be looking to exit and hand over the helm to current chief operating officer, Daniella Vitale.

A Barney’s spokesperson failed to disclose information.