Barneys New York filed for bankruptcy protection and announced plans to close 15 of its locations.
The luxury retailer has secured $75 million in new capital from affiliates of Hilco Global and Gordon Brothers Group to help meet its financial commitments.
“Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand,” chief executive Daniella Vitale said in a statement Tuesday.
Overall, 15 stores are set to close. Barneys’ Madison Avenue and downtown New York City will remain open, as well as flagship locations in Beverly Hills, San Francisco and Boston. Two Barneys Warehouse locations will also stay open, and online operations will continue to operate.
