Just went into my itunes to see what can be done in that regard. You have to go into 'View' and then go down to 'Hide status bar'. Click on it and that bar shouldn't be there anymore.
Hope this helps in your situation .
There's nothing on here about a Status Bar. I could possibly be a thing they changed in the lastest update.
Try to go and check it again. Click on the square in the upper left hand corner. A menu should pop up and you can go down to 'show menu bar' and click on it. A menu bar should pop up and the option I mentioned earlier in thread (the 'view' option) should be part of that menu bar.
I did that, nothing:
Hmm. That's odd. Looks like you might have an older version of itunes then. On mine, the status bar option is right under show up next. What version do you have itunes wise? Maybe we can try to find out a way to turn that pesky bar off via a google search. I have version 126.96.36.199. Just updated it not too long ago.