barneys has filed for bankruptcy
The iconic department store will close 15 of its 22 stores, and all but two of its outlets.
After a few weeks of rumors, it has been announced that Barneys New York has officially filed for bankruptcy due to low sales and excessively high rent, something we New Yorkers know well. The New York and Beverly Hills stores will be staying open, but for how long, is the question. It feels somewhat like end of the Sex and the City era—Carrie Bradshaw famously described her congressional district as “near Barneys”—but it speaks to the plight of luxury department stores over the last few years.
In the 70s, Barneys and it’s Madison Avenue location were seen as the pinnacle of high fashion. Declaring Chapter 11 bankruptcy allows the business to stay open and hopefully pay off its debts, but the department store must find new ways to attract Gen Z shoppers... It’s said that millennials have killed the department store, though Saks Fifth Avenue and Nordstrom have begun to implement a streetwear-inspired approach with drops and exclusive products to stay relevant.