by Ayesha Shaikh
  • 1 minute read
  • August 07, 2019
Iconic Luxury Retailer Barneys New York Files For Bankruptcy

In a contemplative Instagram post on Tuesday, Barneys New York posted an image of its signature monochrome shopping bag with the caption, “Trends come and go, but institutions are timeless.” This followed the news that the luxury retailer, which has been whetting the shopping appetite of millions around the world since its founding in 1923, filed for voluntary bankruptcy protection earlier the same day.

The move comes in the wake of a larger restructuring of the company that requires $75 million in funding to keep operations intact, while it seeks a buyer. The brand also plans on closing 15 of its 22 stores, including those in Chicago, Las Vegas and Seattle, along with five smaller concept stores and seven Barneys Warehouse locations.

The flagships will remain open in the locations, Madison Avenue, Downtown NYC, Beverly Hills, San Francisco and Copley Place in Boston. The websites will also run as usual. This isn’t the first time that Barneys has filed for bankruptcy protection and it has sustained over the years. Here’s hoping that this iconic retail giant pulls through.

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