Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar.
Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online.
The escalating trade war between China and the U.S. has intensified that pressure, leaving clothing companies scrambling to find new routes and suppliers. Over the past year, the retail sector has consistently bled jobs. After 104 years, Lord & Taylor's flagship store on Fifth Avenue locked its doors in January and the property was sold to WeWork.Barneys' Manhattan landlord doubled the rent at its flagship store on Madison Avenue to nearly $30 million this year.
Barneys' roots date back to 1923, when Barney Pressman pawned his wife's engagement ring and used the cash to open a 500-square-foot men's discount clothing store on Seventh Ave. and 17th St. in Manhattan.
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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
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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.
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Barneys New York, the Beloved Retailer, Files For Bankruptcy.BarneysNY's bankruptcy filing doesn’t necessarily mean an end for the store, but it does mean changes are on their way.
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New York fashion grandee Barneys files for bankruptcy protectionU.S. department store operator and fashionista favorite Barneys New York Inc fil...
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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.'
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