Photo Architectural Digest
Barneys New York has filed for bankruptcy and will close 15 locations. It will however keep open its flagship New York store on Madison Avenue and another located in downtown Manhattan, as well as stores in Beverly Hills, California, San Francisco and Copley Place in Boston.
The bankruptcy seems to have stemmed from the Madison Avenue location having its rent doubled from $15 million to $30 million. Barneys admits to struggling to compete with the online marketplace.
According to Coresight Research, more than 7,000 stores have closed this year across the retail sector, far outstripping the pace of closures in 2018. The retail data firm forecasts that up to 12,000 stores close in 2019.
For a free consultation with an experienced bankruptcy lawyer, contact attorney Alex Hernandez.
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