Luxury retailer Barneys files for bankruptcy protection. More here:
NEW YORK/PARIS - Barneys New York Inc filed for bankruptcy protection on Tuesday and put itself up for sale, pushed to the brink by falling revenue and soaring rent at its stores that caused many vendors to effectively stop shipping merchandise to the luxury department store chain.
The bankruptcy filing represents a significant fall for a nearly century-old luxury retailer that attracted cutting-edge fashion designers, celebrities and bestowed an aura of chic among its shoppers. Barneys owes money to Yves Saint Laurent, Gucci, Prada and Canada Goose, among other creditors, according to bankruptcy-court papers filed Tuesday.
Those factors combined to create a cash crisis at Barneys. In turn, many vendors stopped shipping merchandise unless Barneys paid cash on delivery, a development that “paralyzed the inventory stream,” said Mohsin Meghji, the company’s restructuring chief and founder of turnaround firm M-III, in a court filing.
Barneys said its turnaround plan envisions keeping open its Manhattan store on Madison Avenue, a sprawling nine-floor building featuring swanky shop windows, and four other core locations, including one in Beverly Hills, California. Barneys filed for bankruptcy once before, in the late 1990s, and completed a more recent debt restructuring outside of court proceedings in 2012 that handed ownership to a hedge fund run by financier Richard Perry and an investment firm founded by supermarket magnate Ron Burkle.
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