New York fashion grandee Barneys files for bankruptcy protection

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U.S. department store operator and fashionista favorite Barneys New York Inc filed for bankruptcy protection on Tuesday and put itself up for sale, underscoring how even luxury retailers are struggling to freshen their image and compete with online rivals.

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(Reuters) – U.S. department store operator and fashionista favorite Barneys New York Inc filed for bankruptcy protection on Tuesday and put itself up for sale, underscoring how even luxury retailers are struggling to freshen their image and compete with online rivals.

Clothes are seen on display inside the Barneys New York the luxury department store in New York, U.S., July 31, 2019. REUTERS/Shannon Stapleton

To navigate bankruptcy proceedings, Barneys has enlisted law firm Kirkland & Ellis LLP, investment bank Houlihan Lokey and M-III Partners, the turnaround firm founded by restructuring veteran Mohsin Meghji.

Barneys filed for bankruptcy once before, in the late 1990s. It also completed a more recent debt restructuring outside of court proceedings in 2012 that handed ownership to a hedge fund run by financier Richard Perry and an investment firm founded by supermarket magnate Ron Burkle.

Reporting by Shubham Kalia in Bengaluru, Jessica DiNapoli, Mike Spector and Melissa Fares in New York and Sarah White in Paris; writing by Sarah White; editing by Cynthia Osterman, Gopakumar Warrier and Jonathan Oatis


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Author:

U.S. department store operator and fashionista favorite Barneys New York Inc filed for bankruptcy protection on Tuesday and put itself up for sale, underscoring how even luxury retailers are struggling to freshen their image and compete with online rivals.

Source: {authorlink}

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