A former executive at Barneys is taking legal action against Gene Pressman, claiming the author’s memoir incorrectly assigns blame for the luxury retailer’s downfall. The lawsuit asserts that Pressman’s book, “They All Came to Barneys: A Personal History of the World’s Greatest Store,” unjustly points fingers at Barneys for its collapse, while suggesting that Gene and his brother are actually responsible.
Charles Bunstein, who once held the title of Barneys president, argues that the memoir undermines his image, suggesting he lacked the necessary experience and commitment for his role. But Bunstein believes the Pressman brothers’ own inexperience led to a reckless expansion strategy, which caused financial issues that ultimately contributed to Barneys’ fate.
This legal complaint was lodged in Manhattan Supreme Court earlier this month, where Bunstein describes the memoir as merely a way for Pressman to settle scores. He’s seeking $2.4 million alongside an apology from Pressman and his publisher, Penguin Random House.
Pressman hasn’t commented publicly, and representatives from Penguin have opted not to discuss the matter either. In an email to Bunstein, Penguin mentioned it would pause any further printing of the book while they assess the situation.
The memoir, which entered the New York Times bestseller list at No. 6 in September, suggests that Bunstein was either partly or fully responsible for Barneys’ bankruptcy in January 1996. The lawsuit highlights that the book refers to him as a “bean counter,” implying his efforts to bring order to Barneys ultimately drove away essential vendors and staff before the bankruptcy was announced.
Pressman’s critique includes statements about Bunstein not fitting into the unique culture of Barneys. He suggested that Bunstein approached the business with a conventional mindset rather than embracing its eclectic heritage.
Furthermore, it notes that Bunstein engaged with vendors without the delicate touch that had previously defined those partnerships.
Before Barneys filed for bankruptcy, Bunstein claims he was kept in the dark about significant financial issues, including unpaid vendor bills. Although he became the “public face” during the crisis, he feels the Pressman brothers did not fully inform him of the dire situation.
To shore up cash, the Pressmans approached Japanese lender Isetan for a personal loan guarantee, a move that Gene Pressman was initially resistant to. The lawsuit recounts a tense meeting in Tokyo where Isetan executives expressed their disappointment, leading to resignations.
Bunstein contends that Barneys was thriving while he was in charge, but asserts that Pressman’s book misrepresents the reasons behind its decline, serving more as a personal vendetta than an accurate account of events.
Hired by Fred Pressman in 1992, Bunstein became the company’s first non-family president in 1995. Tensions simmered between him and Gene Pressman, particularly regarding how Bunstein’s promotion was perceived—Pressman allegedly suggested it happened merely because Fred was diagnosed with cancer, which Bunstein disputes, arguing that the timing was mischaracterized.
Now, Bunstein leads a luxury bridal design company, and he views the memoir as an expression of bitterness. He notes that Fred took away important direct reports from Gene to assign them to him, further inflaming the conflict.
In the last year, familial rifts have grown, especially after Bob Pressman leveled accusations against his late mother and brother concerning a tax fraud scheme. Tellingly, Barneys filed for bankruptcy again in 2020, and the brand is currently under the control of licensing entity Authentic.
