Barney S Inc

Barney's Inc. and its creditors agreed to a $247-million bid from Hong Kong retailer Dickson Concepts to take control of the upscale fashion chain and help it emerge from bankruptcy court. Barney's said it accepted the offer because it provides shareholders and creditors with a substantial amount of cash and lets them retain a 49% stake in the company. Dickson, whose offer includes $205 million in cash, upped its bid after an earlier $240-million proposal was rejected.

Federal officials are considering a plan that would enable the Internal Revenue Service to use "yield-burning" fines paid by municipal-bond underwriters to cover tax liabilities owed by cities and states. The proposal, which is still under preliminary discussion, would transfer liability for the federal taxes under investigation to the underwriting firms from the municipalities.

Federal officials are considering a plan that would enable the Internal Revenue Service to use "yield-burning" fines paid by municipal-bond underwriters to cover tax liabilities owed by cities and states. The proposal, which is still under preliminary discussion, would transfer liability for the federal taxes under investigation to the underwriting firms from the municipalities.

Barney's Inc. and its creditors agreed to a $247-million bid from Hong Kong retailer Dickson Concepts to take control of the upscale fashion chain and help it emerge from bankruptcy court. Barney's said it accepted the offer because it provides shareholders and creditors with a substantial amount of cash and lets them retain a 49% stake in the company. Dickson, whose offer includes $205 million in cash, upped its bid after an earlier $240-million proposal was rejected.

Saks Holdings Inc. said it revoked its $290-million bid for Barney's Inc. because it no longer thinks the New York retailer is worth that much. But it said it may be interested in acquiring the retailer under different circumstances. The move came ahead of Monday's deadline for bids to acquire Barney's, which is in bankruptcy proceedings. Saks' offer topped a rival bid by Dickson Concepts International by $50 million. Saks cited Barney's decision to close four of its 13 stores and take a $51.

A New York state judge ordered the co-chairmen of upscale clothing retailer Barney's Inc. to pay the roughly $167 million they personally guaranteed on loans from their onetime expansion partner, Isetan Co. The ruling rejected claims by Eugene and Robert Pressman that the firm's Japanese partner tricked them into signing the guarantees. Isetan filed suit against the Pressmans in January 1996, two days after Barney's filed for Chapter 11 bankruptcy protection.

Barney's Inc., the storied New York-based clothier with a high-profile store in Beverly Hills and celebrity customers to match, has filed for Chapter 11 Bankruptcy Court protection. The upscale retail operator of the Barney's New York chain said Thursday that it made the filing in order to reorganize following a dispute with Isetan Co., its Japanese partner. Barney's said it plans to sue Isetan for more than $50 million that it claims was promised but "withdrawn unfairly."

Saks Holdings Inc. said it revoked its $290-million bid for Barney's Inc. because it no longer thinks the New York retailer is worth that much. But it said it may be interested in acquiring the retailer under different circumstances. The move came ahead of Monday's deadline for bids to acquire Barney's, which is in bankruptcy proceedings. Saks' offer topped a rival bid by Dickson Concepts International by $50 million. Saks cited Barney's decision to close four of its 13 stores and take a $51.

A New York state judge ordered the co-chairmen of upscale clothing retailer Barney's Inc. to pay the roughly $167 million they personally guaranteed on loans from their onetime expansion partner, Isetan Co. The ruling rejected claims by Eugene and Robert Pressman that the firm's Japanese partner tricked them into signing the guarantees. Isetan filed suit against the Pressmans in January 1996, two days after Barney's filed for Chapter 11 bankruptcy protection.

Barney's Inc., the storied New York-based clothier with a high-profile store in Beverly Hills and celebrity customers to match, has filed for Chapter 11 Bankruptcy Court protection. The upscale retail operator of the Barney's New York chain said Thursday that it made the filing in order to reorganize following a dispute with Isetan Co., its Japanese partner. Barney's said it plans to sue Isetan for more than $50 million that it claims was promised but "withdrawn unfairly."