milotic2 (milotic2) wrote in ohnotheydidnt,
milotic2
milotic2
ohnotheydidnt

Barney’s files for bankruptcy





Iconic luxury retailer, Barney’s, is filing for bankruptcy and closing 15 stores. The closures will leave the retailer with seven stores - two in New York City and locations in Beverly Hills, California, San Francisco and Boston, as well as two Barneys Warehouse stores.

Barney Pressman founded it in 1923 in New York as a discount clothing store, with the company refashioning itself as a luxury retailer under his son in the 1960s. In the 1990s, it expanded nationally and to Japan.

Recently, the rent on its Madison Avenue store had surged from $16 million to $30 million. The stores had also struggled with a shift to online shopping, a pressure that almost all retailers, regardless of the wealth of their customer base, are struggling to offset and will close its stores in Chicago, Las Vegas and Seattle, as well as five smaller stores and seven Barneys Warehouse locations.

Are you broke, ONTD?

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Tags: fashion, legal / lawsuit
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