NEW YORK — Barneys Inc. received bankruptcy court approval Wednesday to reject a lease for offices on two floors above Barneys’ Madison Avenue flagship.
By rejecting the lease, Barneys no longer has to pay rent on the 10th and 11th floors of the condominium office unit from now on. However, there is still a dispute between Barneys and Isetan Co. Ltd. on the validity of the lease. If the lease is determined to be valid, Barneys will be forced to pay rent owed from past periods. Barneys vacated the premises on Oct. 31.
Bankruptcy court approval is expected today on Barneys’ request to move its corporate headquarters to 575 Fifth Avenue and its central alterations and display shops to 450 West 33rd Street.