The luxury retailer Barneys has filed for bankruptcy.
The company took a $75 million loan that would give it time to find a buyer. It will close 15 stores and plans to keep seven stores open, including its Manhattan flagship, reports the Wall Street Journal.
Locations that will be shuttered include Barneys New York locations in Chicago, Las Vegas and Seattle, five small concept stores and seven Barneys Warehouse stores, a company statement said.
“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,” Chief Executive Officer Daniella Vitale said in a statement Tuesday.