Barneys New York is reportedly closing stores in Seattle, Las Vegas, and Chicago, in addition to a dozen “concept and warehouse locations”
Photo: Drew Angerer/Getty Images Barneys New York, the luxury fashion chain that brought us acid trip–inspired window displays and always kept their AC on full blast, has filed for chapter 11 bankruptcy.
The Associated Press reported on Tuesday that the franchise, whose bottom line has been badly damaged by the dominion of online shopping and rising real-estate prices, is closing stores in Seattle, Las Vegas, and Chicago in addition to a dozen “concept and warehouse locations.” Its stores on New York City’s Madison Avenue, in Beverly Hills, San Francisco, and Boston, in addition to select warehouse locations in New York and California, will stay open for now.
The company has reportedly received $75 million in financial backing in order to pay employees and vendors as it awaits a buyer. In its bankruptcy filing Barneys, which is owned by the hedge fund Perry Capital, reportedly listed more than $100 million in debt and $100 million in assets. NBC News reports that this year one of Barneys’ landlords doubled the rent at its Madison Avenue store to $30 million a year.
Already this year more retail stores have closed in the U.S. than in all of 2018, according to Coresight Research. A total of 12,000 stores are expected to close in 2019, according to the research group. The Neiman Marcus group and Nordstrom have also recently reported declining sales, and in January Lord & Taylor sold its flagship Fifth Avenue store to WeWork. In July the Wall Street Journal reported that online retail giant Amazon is considering leasing the space.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Barneys New York Has Filed For BankruptcyPrepare yourself accordingly: Your heart may just break over this latest bit of retail news. In July, Business of Fashion reported Barneys New York, one of Manhattan's most iconic department stores, could be preparing to file for bankruptcy. According to BoF, Barneys was struggling with high rents
Consulte Mais informação »
Barneys New York files for Chapter 11 bankruptcy protectionBarneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar.
Consulte Mais informação »
Barneys, a nearly century-old icon of New York retail, files for bankruptcy'The entire industry is in survival mode,' Barneys CEO Daniella Vitale told employees earlier this year, according to a recording obtained by CNBC. 'The model is not working, it's not working for us, it's not working for Saks, it's not working for Nordstrom.'
Consulte Mais informação »
Luxury department store Barneys files for bankruptcy: New York TimesU.S. luxury department store chain Barneys New York Inc filed for Chapter 11 ban...
Consulte Mais informação »
Barneys New York Has Filed For BankruptcyThe retailer maintains it will keep its five flagship locations in New York, San Francisco, Los Angeles, and Boston, as well as its online stores.
Consulte Mais informação »