Looks like Jay Z and Barneys have decided to take the L on their launch party. The New York department store has just announced that they have cancelled the planned celebration for "New York Holiday," their much talked about collaboration with Hov.

Since Jay has confirmed that he will be going ahead with the joint venture--despite allegations of racism aimed at Barneys recently--the party has likely been called off simply due to the controversy around the collab, and is not a reflection of the relationship between Jay Z and the store.

The decision to ax the party is probably best for all involved, as drawing attention to the partnership any more (not to mention celebrating it) doesn't seem like a great idea at this point.

Jay Z has yet to comment on the cancellation.