Barneys New York files for chapter 11 bankruptcy protection. 17 Out of the 22 locations in the United States will be closed. The fashion retailer has also secured $75 million in new capital to facilitate a going concern sale process.
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“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,” – Daniella Vitale, President and CEO
It is unclear how many of their 2,300 employees that will lose their job as a result of 17 stores closing in the near future. The Company expects to pay trade vendors, manufacturing partners, and suppliers in full for goods and services provided on or after the bankruptcy filing date.
It’s hard to believe retailers like Barney’s New York is failing to maintain profitability.
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