Luxury retailer Barneys New York files for bankruptcy, will close 15 stores
Barneys New York announced early Tuesday that it has filed for Chapter 11 bankruptcy protection and will close 15 of its 22 stores, including locations in Seattle, Las Vegas, and Chicago. Barneys CEO Daniella Vitale said the "iconic luxury specialty retailer" has seen its financial position "dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand." Vitale added that Barneys has secured $75 million "to facilitate a going concern sale process," as "pursuing a sale under the court's supervision provides the quickest and most efficient means of maximizing value while ensuring we continue serving both new and loyal customers." The retailer's websites "will continue serving our customers without disruption," Barneys said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Today's political cartoons - May 19, 2024
Cartoons Sunday's cartoons - 2024 votes, AI woes, and more
By The Week US Published
-
5 high rating cartoons about Biden's low poll numbers
Cartoons Artists take on checklists, ice creams, and more
By The Week US Published
-
A gastronomic tour of the Costa de la Luz
The Week Recommends This Spanish spot has fantastic restaurants "rooted in the region's distinctive produce"
By The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published