Luxury New York retail giant Barneys, has filed for bankruptcy protection. It has until October to find a buyer or commence with liquidation
The Barneys New York sign is seen outside the luxury department store in New York, US on July 31, 2019
On Tuesday afternoon, Barneys reached a deal for roughly $218 million in fresh financing from Brigade Capital Management LP and B. Riley Financial Inc that would repay existing lenders and help the company operate while pursuing a sale, Sussberg said. U.S. Bankruptcy Court Judge Cecelia Morris allowed Barneys to tap $75 million of that loan.
That was on top of pressure from high-end online retailers including Richemont-owned Net-A-Porter and Farfetch. 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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