March 26, 1997 |
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.
January 12, 1996 |
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 Barney's said it plans to sue Isetan for more than $50 million that it claims was promised but "withdrawn unfairly."
August 4, 1997 |
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.