NEW YORK — When Barneys NY opened the elegant revolving doors of its 10-story French limestone flagship store at 660 Madison Ave.
in 1993, it established a retail landmark that soon came to be synonymous with a certain kind of New York style.
The possibilities for Barneys include filing for Chapter 11 bankruptcy protection, renegotiating leases — not just of its Madison Avenue flagship, but potentially of other branches in its 22-store network — and taking on a strategic investor who can inject new capital. As a result, Hilldun has stopped approving orders in the past two weeks. “We are waiting for them to present us with a plan so we can move forward,” he said.
Isetan had entered into a joint venture agreement with Barneys in 1989 to finance the company’s expansion; in the next 5 years, the deal made it possible to open 17 stores, including the Madison Avenue location, at a cost of about $600 million. However, Barneys, which was having cash-flow issues, began to balk at what it saw as onerous rent payments on its most glamorous stores. Isetan claimed mismanagement, Barneys filed and the two partners sued each other.
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