Barneys, an icon of America's luxury clothing world for decades, has filed for bankruptcy
The New York-based retailer filed for Chapter 11 bankruptcy protection early Tuesday morning. It said in a statement that it had also secured $75 million from affiliates of Hilco Global and the Gordon Brothers Group to help meet its financial commitments.
Many retailers have filed for bankruptcy in recent years after private equity firms and hedge funds bought them. Among them were Toys"R" Us, RadioShack, Sports Authority, as well as other clothing chains Gymboree, Charlotte Russe and The Limited. One notable store to survive bankruptcy is Sears Holdings, which was controlled by hedge fund investor Eddie Lampert when it filed for bankruptcy last fall.
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