Richard Perry

Now that Barneys New York is out of the red thanks to a debt-for-equity deal with new owner Perry Capital, the retailer is ready to flaunt some recent improvements. Today, Barneys unveiled its newly redone fifth floor featuring shoes for both men and women. It's the first time the department store has done a co-ed floor, which makes it a unique shopping experience--only Harrods in London offers something similar. The new floor is truly elegant--chic and restrained, airy and luxurious, all the better to display the shoes, which are presented almost like artwork. Simon Doonan put it best when he said it looked like "a beautiful dreamy '60s apartment."

Another chapter begins in Barneys' tumultuous financial history--and, happily, this one's looking more promising. According to a release, Perry Capital, one of Barneys' financial backers, has just become the majority owner of the company in a deal that reduces Barneys' whopping $590 million debt to a mere $50 million. As per the new agreement, Perry Capital, owned by Richard C. Perry, and The Yucaipa Companies, owned by Ronald W. Burkle, will partner to convert debt for equity in Barneys--meaning that both financiers' now hold a considerable stake in the company, though Perry Capital is still the majority owner.