Big Law

Barneys files for bankruptcy, will close 15 stores

The luxury retail giant Barney’s New York filed for Chapter 11 bankruptcy, announcing plans to close 15 stores across the nation.

Barneys had been struggling to pay its expenses thanks in part to sky-high rent at its Madison Avenue flagship, which tripled this year to about $46 million including taxes

The company will shutter locations in Las Vegas, Chicago and Seattle and will close seven of its warehouses and five smaller concept stores.

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