Latest word is that the current Barney's New York store will close March 15, 2009. The inventory will be moved across the street and the brand spanking new store will open April 2, 2009.
Considering the state of the economy, this is likely to be the largest and most interesting retail opening we see in Chicago for the next few years. Moreover, the new store will draw in a lot of high-end tourists who want to see what it's like, so that will be a nice little extra boost for the area.
As for the old Barney's store... We still haven't heard anything. Have you?