considered the handling of the final investment a breach in trust, and stopped efforts to consolidate the investment and the Pressman family business. In December 1995, under the advice of John P. Campo of LeBeouf, Lamb, Greene & MacRae and Anthony Grillo of The Blackstone Group, the Pressmans recognizing that consolidating the investment and the business was no longer viable, voluntarily filed for Chapter 11 Bankruptcy. It was believed that, only in bankruptcy court, could the agreement between the Pressman family and Isetan be dismissed and a new agreement be authored. The strategy failed. The company filed for Chapter 11 bankruptcy in early January 1996. During the bankruptcy some stores shuttered which included Cleveland, Ohio; Costa Mesa, California; Dallas and Houston, Texas; and Short Hills, New Jersey. In subsequent years, management would re-enter some of these markets with larger flagship stores. Operations during 21st century 2000–2010 On December 20, 2004, the Pressman family sold its remaining ownership, less than 2%, to the Jones Apparel Group, which in turn sold the company in September 2007 to Dubai-based private equity firm Istithmar PJSC for $937.4 million. Included in Istithmar's purchase was an estimated $500 million in debt. "The luxury market took a sharp turn for the worse after Istithmar's acquisition of Barneys. U.S. sales of high end clothing, fragrances and accessories slipped 14% in 2009, according to Bain & Co. Although luxury was a star performer over the 2010 holiday season, spending trends have yet to recover to pre-recessionary levels. The privately held company doesn't reveal financial results but said that EBITDA rose by $30 million in 2010." 2010–2019 Howard Socol, Barneys' former CEO, resigned shortly after the change in ownership. The company failed to fill the position for over two years until it appointed Mark Lee to the post in September 2010. Lee is the former chief executive of Gucci Group and has consulted and sat on the board of many other fashion companies. After Lee's appointment, Barneys experienced changes in its staff, advertising, and website. Amanda Brooks, former creative director of Hogan, replaced longtime fashion director, Julie Gilhart. Lee's former Gucci colleague, Daniella Vitale, replaced Judy Collinson as head merchant. Former creative director Simon Doonan, now creative ambassador-at-large, was replaced by Dennis Freedman. Barney's advertisements and catalogs are usually shot in-house, but for Spring 2011 candid shots by art photographers such as William Klein, Nan Goldin and Juergen Teller were