Deals
Barneys Files for Bankruptcy As Rents Rise and Visitors Fall
- Luxury retailer squeezed as shoppers defect to other outlets
- It needs a break on high cost of high-profile store locations
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Barneys New York Inc. filed for bankruptcy protection from creditors and laid out plans to shutter most of its stores after getting squeezed by rising rents and fewer visitors to its luxury fashion stores.
The Chapter 11 filing in New York allows the department-store chain to stay open while it seeks to sell a slimmed-down business and to negotiate with its landlords.