Istithmar World

Today, Dubai investment firm Istithmar World officially announced that former Gucci head Mark Lee would assume the role of CEO at Barneys New York. Former Barneys CEO Howard Socol left the company in 2008 after rumored frustrations with the store's new owners. Istithmar acquired Barneys from Jones Apparel Group in 2007 for about $900 million. The recession worsened Barneys' already shaky financial situation, and soon enough analysts began talking possible bankruptcy. Barneys previously filed for bankruptcy in the mid-'90s after a period of over-expansion.