Luxury Retailer Barneys New York Files For Bankruptcy, Copley Place Boston Location Will Stay Open

August 6, 2019
Barneys New York

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Luxury retail giant Barneys New York has filed for bankruptcy.

According to the New York Times, the company is looking for bankruptcy protection in an effort to restructure the business. The chain will be closing 15 of its 22 store locations in a better effort to serve their expansive customer base through Barneys.com.

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This isn't surprising to hear since many retail stores are building up their digital business in order to better compete in the industry. As a millennial, almost everything I buy is ordered online and I rarely enter a retail store.

In a statement, Daniella Vitale, the store’s chief executive stated, "Our goal is to continue serving our customers in key flagship markets and globally through Barneys.com for the long term...While difficult decisions had to be made, this process will allow us to reset our financial position and maintain our longstanding vendor relationships."

If you're a devoted shopper -- don't worry! The Copley Place location at 100 Huntington Ave is one of the locations that will remain open. Barneys is still looking to serve their customers in their flagship locations.