68°
Baton Rouge, Louisiana
7 Day Forecast

Latest Weather Blog

Follow our weather team on social media

Barneys New York files for Ch. 11 bankruptcy protection

6 months 2 weeks 5 days ago Tuesday, August 06 2019 Aug 6, 2019 August 06, 2019 7:57 AM August 06, 2019 in News
Source: Associated Press
Photo: USA Today

NEW YORK (AP) - Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar.

The luxury clothier is closing in Chicago, Las Vegas, and Seattle. Twelve concept and warehouse locations will also close and the company said Tuesday it's reviewing other store leases.

The company has secured $75 million in financing.

Stores on Madison Avenue store in New York, in Beverly Hills, California, San Francisco and in Boston will remain open, as well as two warehouse locations in New York and California. Barneys will also have an online presence.

The number of retail store closed in the U.S. this year has already surpassed the total number in 2018, according to Coresight Research, which expects 12,000 will be shuttered in 2019.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days