Dubai-based Istithmar World Capital has announced it has provided a "significant" level of extra capital to support Barneys of New York as it struggles to retain financial stability amid the global econmic crisis.
The bail out, for an undisclosed sum, will allow Barney's to meet its 2009 schedule for shipments, said Istithmar which bought the US luxury retailer two years ago.
"Working closely with management, we believe that this amount allows the company financial flexibility to work with the company's major vendors and financial intermediaries," the comonay said in a statement posted on its website on Wednesday.
"The plan enables the company to meet its 2009 schedule of shipments. We will continue to monitor the company's performance but we are confident that no further injection is needed at this time," the statement added.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.