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Posted on 08/06/2019 10:03:05 AM PDT by McQ444
(Reuters) - U.S. luxury department store chain Barneys New York Inc filed for Chapter 11 bankruptcy on Tuesday and put itself up for sale after facing soaring rents and failing in its earlier attempts to find a buyer for the cash-strapped retailer. Barneys secured $75 million in new financing from affiliates of Hilco Global and the Gordon Brothers Group to help it keep operating as it navigates the bankruptcy court, it said in a statement. The retailer will close its physical stores in Chicago, Las Vegas and Seattle, along with five smaller concept stores and seven Barneys Warehouse locations.
(Excerpt) Read more at reuters.com ...
Great, next they will closing Bam Bam’s.
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Never heard of it.
There is one next door to Fred Flintstone’s place.
Well, between trying to do business in looney and expensive NY and the competition from the likes of Amazon, I’m amazed they lasted this long.
Frankly, a LOT of brick and mortar outfits are lasting longer than I expected. I only keep my costco membership because it has 1988 as my start date and it fascinates the Costco people here in Kentucky. And their liquor is cheap.
When I was a kid used to get my suits at the Husky Dept. @ Barney’s Boys Town.
I was shocked years later when it turned upscale.
Shoulda stuck to the original concept.
Zig
Good meat dept too.
You likely aren’t a skinny jeans-wearing metrosexual male.
I am grateful that I have a job that allows me to dress like I work on a road crew and pays me like I wear a suit and a tie.
The suit and tie thing is generally on the way out.
Elaine will have to find a new store.
What killed it and is killing many other such stores is that younger people, even IF they have the money, is that they are no longer wearing nice clothing. Though Barney's did sell a LOT of weirdo clothes.
Yeah. Their rotisserie chicken is actually sold at a loss. And it’s really tasty.
And their king crab legs and lobster are nice. I would not get that at Amazon. :)
Two VERY different stores with the same name.
Yep, now the kids who want to dress up simply wear a jacket with jeans, a jacket two sizes too small.
Yeah. I think people are getting more into convenience. My wife comes from an airline family. Whenever they flew back in the 60’s and early 70’s they dressed like they were going to an Easter service. Now people show up in jammies.
When our culture was coming out of the “dirt floor” days, having “nice things” was a big deal. Wearing nice clothing, driving a clean car, etc. all mattered. But we’ve kinda gotten used to it and it’s no longer “special”. And thanks to knock offs, etc., anyone can “look” special without spending a ton, so looking special is no longer a big deal. Comfort and convenience are the big deal - like wearing jammies and fluffy bunny slippers on an airplane.
Yes, I’m over-simplifying, but you get my gist. :)
“Frankly, a LOT of brick and mortar outfits are lasting longer than I expected.”
I agree. I can see specialty stores staying around, but Department Store days are numbered.
Wisconsin has lost Neiman Marcus, Boston Store (THAT one HURT!) and a number of other mixed-retailers like Shopko over the past decade.
I will physically shop 2x a year with my girlfriends for a day out, and lunch & gossip, otherwise I shop on-line.
It is what it is. I have 18 years of Retail Management experience. :)
I took his Reply to me to mean he didn’t understand the Bam Bam Joke.
Close them all up and leave the NY Store intact. If you can afford to shop at Barneys, you can afford to fly there for personal fittings. That was the allure.
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