Barneys files for bankruptcy for second time
Barneys files for bankruptcy for second time Barneys files for bankruptcy for second timeBarney’S stores to stay afloat, Susan Lake, we have 60 days to find a buyer or bunnies liquid. It’S now, it’s much smaller player that they saxor Neiman, Marcus they operate 13 department store is 9 warehouses in this 60-day reprieve. Let’S call it to look for a buyer. Open seven stores – and that includes its Flagship here in Manhattan, but they will be closing in Chicago and Las Vegas and also Seattle. Carson Motors mean that they have excessive rent. In fact, Barney’s has paid double the rent in the past year, 27 million dollars and also Force the e-commerce threats that comes from these high-end retailer sellers, like net-a-porter a and the real real dot-com sell Barney’s 60 days. Also, it’s a blemish for Richard Perry, which I saved podcast about real estate and Retail Thor’s work. He said you’re in deep trouble. Susan says close to 28 million dollars a year that they’re paying now on the Madison Ave in the store has been on the wall. For well over a year because the merchandiser on the store was stale, you would have things that it already been on sale at other retailers said clear: the racks they have last season’s merchandise from a lot of the major designers because they weren’t shipping to that Barney’s And that’s when it becomes a downward spiral for a luxury retailer when you don’t have the latest and greatest and the newest fashion in the store and people will stop shopping there. So I question whether Barneys at this point will be able to recover, because again it’s online shopping experience is poor. You know you’re Branzino your size is it’s easier to go online and assets $ 100 in debt is owed to a lot of these designers like that. Are still in their shots, but also it’s a high-end department store chains that are there a closing down Francis, I feel, like Fifth Avenue, is changing dramatically Henri Bendel. After 127 years I shut down as well last year now, we’ll see if it’s actually stays alive and to Henri bendel’s gone by was sorry to see bundles, but one thing that also hurt Barneys not to get in the weeds cuz. It is a New York story. However, Neiman Marcus just opened with Neiman Marcus owns Bergdorf Goodman, which is on 5th and 57th Street ponemah Marcus just opened its first store at Hudson yards of the sales people were pulled to that location because it’s a more stable company and say if you offered them Barney’S also change the commission structure Katana and just because it was too small and Neiman Marcus has the muscle to I survived the last literally 20 years, and I’ve never been able to what is Ecommerce as ice overexpansion, that they got too big for their britches and A little over flyer van is rumored to be looking at Lord and Taylor for actual front front, store, cuz really taken off, which is used, clothing, everyday work, wardrobe, they just run it and you don’t have to own it right. That’S one of their slogan: sharing economy, FBN’s Susan Li on luxury clothing retailer Barneys’ decision to file for Chapter 11 bankruptcy protection and close some stores.
FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is the leading business network on television, topping CNBC in Business Day viewers for the second consecutive year. The network is available in more than 80 million homes in all markets across the United States. Owned by FOX, FBN has bureaus in Chicago, Los Angeles, Washington, D.C. and London.
Subscribe to Fox Business! https://bit.ly/2D9Cdse
Watch more Fox Business Video: https://video.foxbusiness.com
Watch Fox Business Network Live: http://www.foxnewsgo.com/
Watch full episodes of FBN Primetime shows
Lou Dobbs Tonight: https://video.foxbusiness.com/playlist/longform-lou-dobbs-tonight
Trish Regan Primetime: https://video.foxbusiness.com/playlist/longform-trish-regan-primetime
Follow Fox Business on Facebook: https://www.facebook.com/FoxBusiness
Follow Fox Business on Twitter: https://twitter.com/foxbusiness
Follow Fox Business on Instagram: https://www.instagram.com/foxbusiness