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Barneys New York Files For Bankruptcy

Barneys New York Files For Bankruptcy

Barneys New York’s days as a leading department store appear numbered.

Barneys New York Inc. filed for bankruptcy protection with plans to close most of its stores as well as a $75 million financing package to give the retailer time to find a buyer.

Barneys, which operates 13 department stores and nine warehouse stores, will shut down stores in Chicago, Las Vegas and Seattle. The company will continue to run seven stores, including its Manhattan location.

Why It Matters

The news comes as potentially the end of an era for the iconic luxury department store. Barneys CEO Daniella Vitale said the company has been hurt by a downtown in retail as well as “excessively high” rent.

The company was near a financial deal with Gordon Brothers and Hilco Global, while it attempted to find a buyer, or otherwise liquidate, according to The Wall Street Journal.

The filing shows the company has more than $100 million in assets and more than $100 million in debts. Its creditors include Kering S A/ADR (OTC: PPRUY)-owned Balenciaga, Gucci and Saint Laurent.

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Posted-In: Daniella Vitale Gordon Brothers Hilco Global The Wall Street JournalNews Retail Sales Legal Best of Benzinga

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