New York City’s beloved retailer, Barneys New York, files for bankruptcy

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Barneys, New York, retailers, fashion business

“Trends come and go, but institutions are timeless.” This was posted to Instagram early this morning by Barneys New York following the news that the retailer had filed for voluntary bankruptcy protection in New York today. According to a release, the bankruptcy filing is part of a larger restructuring of the company that includes $75 million (approx Rs 5.3 billion) in funding to keep operations going as the retailer looks for a buyer. In addition, Barneys will close 15 of its 22 stores, including Chicago, Las Vegas, and Seattle, and all of its outlets except Woodbury Commons and Livermore.