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Barneys files for bankruptcy and plans to close most of its stores

Barneys New York storefront
Photo: Drew Angerer/Getty Images

Luxury retailer Barneys New York filed for bankruptcy Tuesday and plans to close most of its 22 stores, securing a $75 million loan plan to keep it afloat until it can find a buyer, the Wall Street Journal reports.

Why it matters: The chain had difficulty adapting to the e-commerce shift, which has seen a host of competitors without brick-and-mortar locations gain prominence, and said it had faced increasingly high rent at many of its locations, though it plans to keep its flagship store in Manhattan open for now.

Go deeper: 7 major retailers have filed for bankruptcy in 2019