Istithmar's Barneys offered $50m cash infusion

Barneys New York, a luxury specialty retailer owned by Dubai's Istithmar, has received a proposal from US-based supermarket mogul Ron Burkle for acquiring a controlling stake in exchange for a $50m cash infusion, the Wall Street Journal has reported, citing a source familiar with the matter. However, the proposal is not under consideration by Istithmar, the source said. Barneys said it is receiving merchandise on time from vendors and has no need for additional cash. "Our holiday performance exceeded our expectations, and Barneys remains cautiously optimistic for 2010," said Vince Phelan, chief financial officer at Barneys New York.