There will be Barneys stores closing up shop as the company goes through the Chapter 11 bankruptcy process.
These Barneys stores closing will have the company shutting down a total of 15 locations. This includes its physical stores in Chicago, Las Vegas and Seattle. The chain will also be closing the doors to five of its concept stores, as well as three Barneys Warehouse stores. This will help the company by lowering the amount of rent that it pays.
The Barneys stores closing means that the company will only be serving customers at seven stores
from now on. Among these stores are five flagship locations in Madison Avenue, Downtown NYC, Beverly Hills, San Francisco and Copley Place in Boston. It will also keep two Barneys Warehouse stores open.
While this is bad news for shoppers with one of the Barneys stores closing near them, there is still a way to buy from the retailer. The luxury retail company will continue to operate its Barneys and Barneys Warehouse online storefronts.
The Barneys bankruptcy is something that we’ve been expecting for a couple of weeks now. That’s when talk about the issues it was facing started to gain more momentum. The company was looking to avoid bankruptcy, but was having trouble finding other ways of financing its business. It notes today that it was able to secure $75 million in new capital to aid it as it goes through he bankruptcy process.
As of this writing, William White did not hold a position in any of the aforementioned securities.
