Retail N Illinois

Chicago-area Barney's to close after luxury retailer files for bankruptcy

Chicago-area Barney's to close after luxury retailer files for bankruptcy,ph1

Barneys New York Inc., the luxury department store owned by by billionaire investor Richard Perry, has filed for Chapter 11 bankruptcy protection. The move will lead to the closure of most of its stores, including both Chicago-area locations.

The chain currently operates one location at Oak and Rush streets in Chicago’s Gold Coast, as well as an outlet location in Rosemont, Illinois.

“Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand,” said chief executive officer, Daniella Vitale, in a statement.