Holy Crap!

Everyone knows that the economy is tanking and things are heading towards the bottom. Frankly the sooner we hit it the better because then there is no where to go but up. I try not to focus on the failing state of things but this article I came across in New York Magazine made me stop for a minute. If the super rich can't afford to buy clothes what are the rest of us going to do?

Barney's Spring Orders Halted

Barneys is still having financial troubles. In other news, the sky is blue. The tanking luxury market hasn't been kind to Barneys, and its owner, Dubai-based Istithmar, has reportedly been secretly trying to sell the retailer for the past month. Istithmar hasn't had any luck finding a buyer, since everyone's broke right now (grass is green, blah blah). The chain has been without a CEO since Howard Socol left in July. With things so unstable, some factors have stopped approving spring orders, WWD reports. Such factors haven't commented, but sources close to the situation said the move is only a temporary solution until they know what the hell is going on with Barneys, namely how much support Istithmar will provide.

One source told WWD that Barneys probably isn't seriously for sale, because selling something like Barneys in the downturn would just be silly. The source noted that if someone were willing to pay a billion dollars — which they'd have to seriously be on something to do, since it's now worth less than half of the $900 million Istithmar paid for it — Istithmar would likely gladly unload the chain.

Financial messiness aside, Barneys appears up to speed on its bills. The president of Versace U.S. and many smaller labels said Barneys was paying on time, although one said payment was slower than usual. The factors in question should have the answers they seek by the beginning of next month so Barneys can continue buying spring clothes to sell to people who still have money. All four of you.