Luxury retailer Barneys New York files for bankruptcy, will close 15 stores

(Image credit: Drew Angerer/Getty Images)

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.

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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.