Barneys will close 15 of its 22 stores after filing for bankruptcy. The luxury retailer made the announcement at midnight, saying it had filed for Chapter 11 protection and is now looking for a buyer. The restructuring plan will see Barneys shutting down stores in Chicago, Las Vegas, and Seattle—but its flagship Madison Avenue store in Manhattan will stay open. Barneys Chief Executive Daniella Vitale said Barneys had suffered from the 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.
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