Barneys Files For Bankruptcy and Plans to Close Some Stores

Barneys filed for Chapter 11 bankruptcy after getting hit with high rent.

"Trends come and go, but institutions are timeless," the brand wrote on its social channels following the news. According, Barneys filed for Chapter 11 bankruptcy after getting hit with high rent and fewer visitors purchasing from the luxury boutiques. Luckily, Chapter 11 filings allow businesses to remain open as they devise a plan to tackle financial issues.

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