Barneys files for bankruptcy, will close 15 stores
06 Août, 2019, 19:09 | Auteur: Auguste Feret
Barneys' decision to file for chapter 11bankruptcy protection is the latest sign of a tough trading backdrop for United States retailers, who are expected to close a total of 9,000 stores this year, according to estimates from Cushman and Wakefield, the property advisory firm.
"Luxury is actually doing well; the issue is luxury department stores", said Farla Efros, president of consulting firm HRC Retail Advisory.
Barneys has secured $75m (£61m) in new financing from Hilco Global and the Gordon Brothers Group to stay afloat.
The retailer, which first opened its doors in NY in 1923, said it would close 15 of its 22 stores, including flagship branches in Chicago, Las Vegas and Seattle, five small concept outlets and seven Barneys Warehouse discount stores.
"In response to these obstacles, the Barneys New York board and management team have taken decisive action by entering into a court-supervised process, which will provide the company the necessary tools to conduct a sale process, review our current leases and optimise our operations". It will also maintain its Barneys Warehouse stores in New York's Woodbury Common and Livermore, California. Tommy Hilfiger, Calvin Klein, Saks Fifth Avenue and Lord & Taylor are among other recent retail casualties in Manhattan.
Barneys sought to downsize the Madison Avenue store to reduce the annual rent, which tripled this year, Bloomberg previously reported.
E-commerce retailers like Shopbob, Moda Operandi and Net-a-Porter offer consumers a more convenient alternative to store browsing, without overhead costs. It now employs 2,300 people, according to court papers.
Barneys also listed high-end brands The Row, Celine, Yves Saint Laurent, Balenciaga, Givenchy, Gucci and Prada among its largest creditors, with debts ranging from $1.6 million to $3.7 million. During Vitale's tenure, the company has grown its online sales to $200 million from around $18 million and reduced its reliance on stores.
Bankruptcies have hit the industry hard this year. Although the fund was closed down in 2016, Perry continues to own Barneys, with an estimated stake of 72%.
On August 3, 2019, 22 were killed and dozens were injured in a massacre at a Walmart in El Paso, Texas, United States. Tim Ryan (D-OH), among other Ohio lawmakers, reacted to Trump's mistake, tweeting: "Toledo".
He said whenever they hung out, Betts would talk about violence and use harsh language about women, like calling them "sluts". Some students who went to high school with Betts in a Dayton suburb note that he got suspended for making threats.
Police are investigating a 2.300-word screed that Crusius allegedly posted to a forum, 8chan, some 20 minutes before the strike. In scripted remarks from the White House, Trump urged unity while blaming mental illness and video games.
They added: 'He is the epitome of everything British, flawless for a cameo role and Bond fans worldwide would absolutely love it'. The idea of a cameo was apparently brought up when the prince visited the film set recently and posed for photos with Craig.
The S&P technology sector, heavily exposed by its chipmakers and other global technology players to Chinese markets, dropped 3.2%. The yields on benchmark 10-year Treasury notes were down 12.56 basis points at 1.7294 per cent.
Russian and Chinese companies are among those still doing significant business in the South American OPEC nation. Only North Korea , Iran , Syria and Cuba have similar sanctions against them by the United States.
Watt was growing up in Wisconsin, he dreamed of riding a bike after practice the way Packers players do in training camp. Watt told reporters later he plans to buy a new bike for the kid . "I mean, I can't walk past a kid", Watt said.
Pierluisi, contested on Monday by San Juan Mayor Carmen Yulin Cruz Soto and Senate President Thomas Rivera Schatz. Puerto Rican courts will determine the legitimacy of de facto Governor Pedro R.
Victoria's Secret hires first openly transgender 'Angel'
Like how many Victoria's Secret models get their start, Valentina will appear in the VS PINK back-to-campus campaign this August. Valentina's manager Erio Zanon told E! "She is super happy and proud to represent all her community", he shared.
Audi's E-Tron Scooter is a skateboard with a handle
The e-tron uses a single handlebar that allows only one-hand operation, a feature that makes it look not unlike a skateboard. An integrated display shows battery level status, and acceleration and braking is achieved by twisting the handle's grip.
2021 iPhone Will Use Under-Screen Touch ID
Either way, Apple is starting the preview rollout today, and it's selected a random group of users to start the preview with. The whole USP of Apple Card is that there are no fees whatsoever including joining fee, late payment fee etc.
Killed, 55 Injured in Airstrikes by Haftar Forces
Reports said forces loyal to strongman General Khalifa Haftar launched the attack on Sunday in the town of Murzuq . The airstrike reportedly hit a wedding ceremony in the southwestern Libya town, according to media reports.
Trump calls for mental-health laws, not gun control
But for many critics like O'Rourke, Trump's record speaks louder than the president's latest condemnation of the attacks. That was followed by another shooting in a nightlife district in Dayton, Ohio, which claimed nine lives.
Gatehouse Media agrees to pay $1.38B for Gannett
According to a study by the University of North Carolina, the United States has lost nearly 1,800 local newspapers since 2004. GateHouse Media publishes 154 daily newspapers and 579 publications in 39 states states, according to the company's website .