Celebrity fashion-retailer Barneys New York is permanently closing all of its stores on Sunday, February 23, before finalizing its Chapter 11 bankruptcy, initially filed on Transfiguration, 2019.
While stores are hosting liquidation sales, sadly, 719 employees will lose their jobs at its flagship on 660 Madison Ave, its Chelsea store at 101 Seventh Ave, its outlet in Central Valley, and its 97-year-old corporate headquarters at 575 Fifth Ave.
Employees in NY and at stores in Beverly Hills and San Francisco , which also closing on Sunday, will receive a five-week severance pay, if they were employed for 2 years or longer.
Sales have already begun being advertised at its Madison Avenue flagship alongside that in Beverly Hills; with sweaters, scarves and purses selling out of bins, racks and shelves.
Furthermore, Saks Fifth Avenue reportedly plans to open Barneys boutiques inside their own department shops nationwide come September.
In other news, Forever 21 Set to shut 200 locations following their Bankruptcy announcement.
As a part of its restructuring after filing for bankruptcy last month, Forever 21 will close 200 stores, leaving the fast-fashion chain with a smaller footprint to assist it emerge from Chapter 11.
Burdened by expensive store leases, unprofitable markets and continuing disruption from online shopping, the teenage clothing emporium became the newest casualty during a retail industry that’s reeling from store closures and bankruptcies.
In relation, Pier One Imports Files For Bankruptcy.
Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a corporation sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under an excessive amount of debt.
The Fort Worth , Texas-based retailer is in talks with multiple potential buyers, consistent with a press release Monday. Pier 1 also reiterated an idea to shut as many as 450 stores.