Billionaire Ronald Burkle is angling to take a controlling stake in Barneys New York, people familiar with the situation said, a bet that the company and battered luxury retail sector have seen the worst of the recession.

Burkle’s Los Angeles investment firm Yucaipa Cos. bought up a large chunk of Barneys’ debt late last year and has offered to invest at least another $50 million in the high-end fashion chain via a loan deal that would leave him owning 80 percnt of Barneys’ common equity.

The remaining equity would be held by Barneys’ current owner, Istithmar World Capital, the investment arm of state-owned Dubai World.

A person close to Istithmar said Burkle’s proposal isn’t under consideration. Also, Burkle hasn’t had any talks with hedge-fund manager Richard Perry, whose firm holds a controlling position in Barneys’ senior debt, one person familiar with the matter said. Perry Capital, Perry’s firm, would have to sign off on any major debt restructuring.

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