Luxury department store Barneys files for bankruptcy protection
- U.S. department store operator and fashionista favorite Barneys New York Inc filed for bankruptcy protection on Tuesday and put itself up for sale, underscoring how even luxury retailers are struggling to freshen their image and compete with online rivals.
Barneys said in a statement that it had now secured $75 million in new financing from affiliates of Hilco Global and the Gordon Brothers Group to help it keep operating while under bankruptcy protection. Reuters reported in July that Barneys was exploring its options, including a bankruptcy filing, as a result.
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