By and  on November 4, 2008

Shrinking profit margins, negative comparable-store sales and an empty corner office added up to a debt downgrade for Barneys New York on Monday.

Moody’s Investors Service cut the retailer’s corporate family and probability of default ratings to “Caa1” from “B3” on Monday. Barneys’senior secured term loan was also downgraded to “Caa1” from “B3.” About $280 million in debt is covered by the ratings, which have a negative outlook.

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