Barneys Says It’s Not Downsizing on Madison Avenue

Barneys New York is pushing back against reports that it wants to downsize the flagship at 660 Madison Avenue, between 60th and 61st Streets. “Barneys New York is committed to maintaining the footprint of its Madison Avenue flagship, and continuing to serve its customers within this iconic store,” the retailer said Tuesday. “There are no active conversations regarding the store’s footprint, and all statements indicating otherwise are false.” The retailer was reacting to recent published reports that it’s having discussions with landlord Ashkenazy Acquisition Corp., which owns the 275,000-square-foot building, to cut its footprint. The reason for the downsizing, according to the reports, is Barneys’ rent for the nine-floor flagship, an estimated $20 million to $30 million. With taxes and other expenses, the amount of $44 million was reported, which Barneys said is “incorrect.” The retailer said it signed a 10-year lease. Barneys had been paying well below market rates on Madison Avenue when it signed its lease on the space in the late Eighties after emerging from bankruptcy. “Our Madison Avenue flagship continues to be our largest,” said Daniella Vitale, chief executive officer of Barneys. “The expansion of Hermès and renovation of Celine shows the strength and energy of the avenue. With the

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2FUloSu