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Barneys Files for Bankruptcy But Is “Here to Stay”

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After filing for Chapter 11 bankruptcy on August 6, Barneys has taken to Instagram to reassure the public that it is not closed.

The statement reiterates the company’s financial struggles, its voluntary bankruptcy, as well as its commitment to remaining open. The caption reads, “Two Words: NOT CLOSED.” Read the full statement below. 

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Two Words: NOT CLOSED.

A post shared by Barneys New York (@barneysny) on

Bloomberg reports that the department-store chain filed for bankruptcy protection from creditors and detailed plans to close the majority of its stores in the face of rising rent and diminished sales.

In a statement issued last month, Chief Executive Officer Daniella Vitale explained that “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.”

Five full-line Barneys locations will remain open; Beverly Hills, San Francisco, Boston, and its two New York stores. According to Business Insider, it will close 15 of its 22 stores.

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