Barneys has gone bust.
The luxury retail giant filed for bankruptcy early Tuesday, announcing plans to close 15 stores across the nation.
The retailer, which filed for Chapter 11 bankruptcy in Manhattan federal court, will shutter locations in Las Vegas, Chicago and Seattle, it said in a statement.
Barneys also said it will close seven of its warehouses and five smaller concept stores.
Meanwhile, New York’s Madison Avenue and Downtown locations will remain open, as will department stores in Beverly Hills, San Francisco and Boston’s Copley Place.
“For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity and representation of the world’s best designers and brands,” Barneys CEO and president Daniella Vitale said in a statement. “Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand.”
The statement said the company had $75 million in new capital to facilitate “a going concern sale process” and “voluntarily filed for reorganization under Chapter 11.”
The company’s websites, Barneys.com and BarneysWarehouse.com, will remain operational.
The news comes after The Post reported Vitale had been scrambling to find a potential buyer for the iconic chain but fell short.
Barneys had been struggling to pay its expenses thanks in part to sky-high rent at its Madison Avenue flagship, which tripled this year to about $46 million including taxes.
https://nypost.com/2019/08/06/barneys-files-for-bankruptcy-will-close-15-stores/
2019-08-06 13:00:00Z
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