Barneys New York enters bankruptcy proceedings

Luxury retailer Barneys New York filed for Chapter 11 bankruptcy.

The retailer plans to close 15 stores as part of the bankruptcy process.

“Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand,” said Daniella Vitale, CEO and president of Barneys. “In response to these obstacles, the Barneys New York Board and management team have taken decisive action by entering into a court-supervised process, which will provide the company the necessary tools to conduct a sale process, review our current leases and optimize our operations.”

Read more from Footwear News.