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

JCPenney stock sinks under $1 after debt restructuring reports

Data:; Chart: Axios Visuals

Shares of embattled retailer JCPenney fell 17% on Friday after a Reuters report that the company had hired advisers to help restructure its debt in the latest effort to stave off bankruptcy. 

Background: The stock fell 18 cents to close at 90 cents a share. It has traded near $1 since 2018.