Citing the rising cost of rents, Barneys New York has officially filed for Chapter 11 bankruptcy protection. The filing allows for the high-end retailer to stay open while it figures out a way to turn things around and settle its debts. With the filing, Barneys announced that it will be closing 15 of its 22 flagship stores. This includes locations in New York, Chicago, Las Vegas and Seattle, five small concept stores and seven Barneys Warehouse stores.
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