Wednesday, April 15, 2009

BARNEY'S NEW YORK, A Thing of the Past?

Close sources to me have revealed that there’s a firing frenzy going down at the ultra posh Madison Avenue location, and that sales have come to a screeching halt. This isn’t Barney's first time around at the chopping block, which in 1996 filed chapter 11, to protect itself from it's creditors. Amidst rumors that the mega fashion emporium is in financial woes, todays comes an announcement that its parent company, Dubai based Istithmar, will pour a staggering 25 million dollars to help the now almost defunct retailer. Industry insiders are speculating that this latest attempt by the Dubai government owned Istithmar is just too little too late. It’s going to be a sad situation for all those New Yorkers who have loyally turned to this designer retail institution for their kicks, to one day turn the corner and see the doors @ 660 Madison Avenue with its famous red awnings no longer open.

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