It's back to bankruptcy court for Barneys. The luxury department store chain filed for Chapter 11 Tuesday morning after failing to find a buyer.
Barneys New York will close the majority of its namesake stores but keep open five locations, including its flagship store on Madison Avenue. Two Barneys Warehouse locations also made the cut.
The company blamed steep rent and the retail environment for its current crisis. Rent for its Madison Avenue store nearly doubled this year to roughly $30 million. The company also faced pressure from online retailers. Other fabled department stores on nearby Fifth Avenue, Lord & Taylor and Henri Bendel, have recently shut their doors for good.
The nearly century-old company has been on the brink of extinction before. It filed for protection from creditors back in the late 1990s and completed a debt restructuring in 2012. Barneys says it has secured $75 million in financing that buys it time to hopefully find an acquirer.