Barneys bankruptcy means closure of all but 7 stores: SF, Livermore expected to survive
High-end retailer Barneys New York is expected to close all but seven stores after filing for bankruptcy Monday.
The move, announced in a press release, means the closure of all but seven of the chain's 22 locations. "Flagship" locations, including New York, Beverly Hills and San Francisco, will remain open, as will two outlets, including one in Livermore. Six other California locations will close, along with shops in Seattle, Chicago and Las Vegas.
"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," CEO Daniella Vitale said in a release.
As part of the Chapter 11 process, the company has secured $75 million in new funding and will, "use the court-supervised process to review store leases to best optimize the Company's operations."