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Barney's files for bankruptcy – CNN




The New York-based dealer filed for Chapter 11 bankruptcy protection early Tuesday morning. It said in a statement that it had also secured $ 75 million from affiliates in Hilco Global and the Gordon Brothers Group to help fulfill its financial obligations.

"Like many in our industry, Barney's New York's financial position has been drastically impacted by challenging retailer environments and renting structures that are too high in relation to market demand," Barneys CEO Daniella Vitale said in a statement.

Bankruptcy filing will allow the company to "complete a sales process, review current leases and optimize our operations," she added.

  Pedestrians walk past Barney's Store on 7th Avenue and 1[ads1]7th Street in New York, May 22, 1989.

The company said it will continue to operate five flagship locations in New York, Los Angeles, San Francisco and Boston, as well as Barneys.com and BarneysWarehouse.com. However, it said it will close stores in Chicago, Las Vegas and Seattle.

The company also closes five "concept stores" and seven of its nine Barneys Warehouse stores.

The move was not unexpected. Reuters reported last month that filing for bankruptcy protection can help alleviate the pressure of expensive leases.
The company traces the history to 1923, according to the website, when Barney Pressman was farming the wife's engagement ring. The company indicated that he used the funds to open a discount clothing store.

Barneys has several locations in the United States, but its headquarters and flagship are in the area of ​​New York's Fifth Avenue, which for months has been emptied of prominent luxury retailers as they flee from high rents and shift consumer tastes.

Barneys is just the latest traditional trader to have filed for bankruptcy protection. Charlotte Russe filed Chapter 11 in February. And in October, Sears – who was drowning in debt – went bankrupt after 132 years.



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