Retail Giant Barneys Has Filed For Bankruptcy

Barneys has filed for Chapter 11 bankruptcy.

Barneys has been around for almost 100 years and has 2,300 employees. Unlike other retailers that rely on a lot of part-time workers, 90% of Barneys’ workforce is full time and are represented by a union, which is also rare in modern retail.

Like many retailers this day and age, it is hard to keep up with in store traffic with online shopping taking over the market.

But Barneys has been facing problems for a minute now so this is not a shock to many due to the less foot traffic in many stores, Bankruptcy court docs show the company owes nearly $10 million in unpaid rent to its major landlords.

So filling for Bankruptcy was the most effective way for the high end giant. Many store are close but they are going to keep Those locations that are primarily in high-income markets including Manhattan, Boston, San Francisco and Beverly Hills.