RAMROD 117,130 Posted August 6, 2019 Share Posted August 6, 2019 Barneys New York Inc. filed for bankruptcy protection with plans to close most of its stores and a $75 million financing package that would give the luxury retailer time to find a buyer. The restructuring plan, filed early Tuesday morning, has Barneys, which operates 13 department stores and 9 warehouse stores, shutting down stores in Chicago, Las Vegas and Seattle. The retailer will continue to run seven stores, including its flagship Manhattan store, the company said. Barneys Chief Executive Daniella Vitale said Barneys had been hurt by a broader downturn in retail as well as “excessively high” rent. Bankruptcy protection “will provide the company the necessary tools to conduct a sale process, review our current leases and optimize our operations,” she said. Barneys is much smaller than rivals Saks Fifth Avenue and Neiman Marcus, which each operate about 40 department stores. Barneys was carrying approximately $200 million in debt, the people said. The chapter 11 filing in the Southern District of New York indicates the company has more than $100 million in assets and more than $100 million in debts. The creditors include fashion houses such as Yves Saint Laurent, Balenciaga and Gucci. Full article at Source: https://www.wsj.com/articles/barneys-files-for-bankruptcy-plans-to-close-most-stores-11565071198?mod=e2tw End of an era But yeah, people shops at Neimann more. Remember when Gaga had Barneys exclusive merchs at Barneys Workshop in 2012? (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
Guest Adarsh Posted August 6, 2019 Share Posted August 6, 2019 Truly the end of an era. Barneys was the essence of New York. Link to post Share on other sites More sharing options...
weed 78,974 Posted August 6, 2019 Share Posted August 6, 2019 The Gaga curse will take it's time, but it will strike regardless Link to post Share on other sites More sharing options...
Reginald 13,841 Posted August 6, 2019 Share Posted August 6, 2019 Godddd I wanted to go to that Gaga / Barney's shop so badly. The merch they designed for it was amazing Link to post Share on other sites More sharing options...
Miel 15,009 Posted August 6, 2019 Share Posted August 6, 2019 I don't know much of them, but I've always held an affectionate memory for their Gaga' Workshop. 3 points in and ready for more Link to post Share on other sites More sharing options...
Didymus 34,380 Posted August 6, 2019 Share Posted August 6, 2019 Omg those Workshop pictures I forgot all about that work of genius Link to post Share on other sites More sharing options...
Pink Tape 410 Posted August 6, 2019 Share Posted August 6, 2019 oh my Link to post Share on other sites More sharing options...
S0436 10,215 Posted August 6, 2019 Share Posted August 6, 2019 34 minutes ago, Adarsh said: Truly the end of an era. Barneys was the essence of New York. The New York store isn’t closing though Link to post Share on other sites More sharing options...
Guillaume Hamon 6,992 Posted August 6, 2019 Share Posted August 6, 2019 41 minutes ago, Reginald said: Godddd I wanted to go to that Gaga / Barney's shop so badly. The merch they designed for it was amazing If it can gives you a consolation, I remember reading that the prices were quite high for pretty much each items. It was apparently good for your wallet to miss it! Link to post Share on other sites More sharing options...
RAMROD 117,130 Posted August 6, 2019 Author Share Posted August 6, 2019 4 minutes ago, Guillaume Hamon said: If it can gives you a consolation, I remember reading that the prices were quite high for pretty much each items. It was apparently good for your wallet to miss it! It's a luxury store, it is much expected. It is rare merch now too, meaning value is higher than most other Gaga merch. (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
thehanyo 4,251 Posted August 6, 2019 Share Posted August 6, 2019 My favorite store to shop at. Link to post Share on other sites More sharing options...
RAMROD 117,130 Posted August 6, 2019 Author Share Posted August 6, 2019 2 minutes ago, thehanyo said: My favorite store to shop at. Sorry to hear. Hope the ones at your area is one of the seven that will still running. (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
JohnnyVersace 9,277 Posted August 6, 2019 Share Posted August 6, 2019 I love Barneys, and it really holds a special place in my heart from my time living in NY. The Madison flagship is remaining open (as well as the Downtown location) but it seems like the company is really in danger overall. Link to post Share on other sites More sharing options...
ChromeAngel 3,230 Posted August 6, 2019 Share Posted August 6, 2019 They needed to update their branding... you can still have that old school feel but still do it in a way that’s attractive to a younger audience. The website always felt clunky and poorly made. But they always had something more “legit” feeling about them and they carry many designers that’s the others don’t. I hope they figure all this out Link to post Share on other sites More sharing options...
ltlmnstr 2,771 Posted August 6, 2019 Share Posted August 6, 2019 1 hour ago, ChromeAngel said: They needed to update their branding... you can still have that old school feel but still do it in a way that’s attractive to a younger audience. The website always felt clunky and poorly made. But they always had something more “legit” feeling about them and they carry many designers that’s the others don’t. I hope they figure all this out It didn’t help that many of the sales associates and management fed into the stereotype of being snobby to customers. “Can you really afford that?” I mean... https://www.nydailynews.com/new-york/manhattan/black-student-wins-45g-settlement-barneys-stop-frisk-article-1.2502760 Like the scandal gurl Link to post Share on other sites More sharing options...
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