Barneys Files For Bankruptcy


THOSE STORIES AND MORE AT SIX. THANK YOU. ANOTHER ICONIC DEPARTMENT STORE HAS BEEN ADDED TO THE LIST OF RETAILERS HANGING ON BY A THREAD. THIS TIME IT’S BARNEY’S. THEY DECLARED BANKRUPTCY AND SHOPPERS CAN’T BELIEVE IT. IT’S KNOWN FOR SO MUCH OF WHAT’S GREAT ABOUT NEW YORK. I THINK THAT IT’S AN INSTITUTION. Reporter: BARNEY’S FILING FOR CHAPTER 11 TUESDAY. THE LUXURY RETAIL EAR NOUNING WILL CLOSE STORES RETAIL RETAILER SAYING WILL CLOSE SEVERAL STORES. THOSE RENTS DOUBLED IN NEW YORK WHICH HAS A LOT OF PRESSURE ON THEM. YOU WON’T CHARGE CONSUMERS MORE TO COVER THAT. Reporter: CHRIS HAS BEEN A RETAIL EXPERT FOR 20 YEARS. HE POINTS TO RISING RENTS AS A REASON BEHIND THE BANKRUPTCY. HE WE COULD SHOP RIGHT HERE AND NEVER MOVE FROM THIS SPOT. Reporter: IMPLICATIONS THAT WILL BE FELT BY A SIGNIFICANT PART OF BARNEY’S 2300 EMPLOYEE WHO WILL LOOSE THEIR JOBS. THAT’S BECOMING A PATTERN. GIANT RETAILERS LIKE TOYS R US AND SPORTS AUTHORITY BOTH DECLARED BANKRUPTCY AND NEVER RECOVERED. I THOUGHT THINK WERE DOING WELL. I LOVE THEIR CLOTHES. Reporter: TONY HOPES THEY DON’T FOLLOW SUIT BECAUSE IT’S THE ONLY PLACE HE BUYS HIS SUITS. I SHOP AT BARNEY’S. IT’S IMPORTANT FOR ME. Reporter: SOME SAY THAT IT’S THAT PERCEPTION THAT MAY HAVE PUT THEM IN THIS SITUATION. KIND OF AN ICON BUT THEIR PRICES ARE WAY TOO HIGH. Reporter: THIS BARNEY’S ON 7th AVENUE AND 16th WAS THE FIRST LOCATION. IT OPENED IN 1923 WHEN BARNEY PRESSMAN PAWNED HIS WIFE’S ENGAGEMENT RING AND USED THE MONEY TO OPEN HIS FIRST STORE. THE TWO WAREHOUSE LOCATION

4 Replies to “Barneys Files For Bankruptcy”

  1. Why would they have Barney’s in Seattle?! I don’t see those granola treehuggers shopping there. ( tourists only?!).

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