U.S. luxury department store chain Barneys New York Inc filed for Chapter 11 ban...
- U.S. luxury department store chain Barneys New York Inc filed for Chapter 11 bankruptcy on Tuesday and put itself up for sale after facing soaring rents and failing in its earlier attempts to find a buyer for the cash-strapped retailer.
The retailer will close its physical stores in Chicago, Las Vegas and Seattle, along with five smaller concept stores and seven Barneys Warehouse locations. However, its Madison Avenue store will stay open along with its other four flagship locations, Barneys said. Barneys listed assets and liabilities in the range of $100 million to $500 million in the voluntary Chapter 11 document filed in the U.S. Bankruptcy Court for the Southern District of New York.
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