Luxury Department Store Barneys Is Bankrupt

Video Credit: Wibbitz Studio
Published on August 6, 2019 - Duration: 01:00s

Luxury Department Store Barneys Is Bankrupt

Luxury Department Store Barneys Is Bankrupt.

Besides the Chapter 11 filing, the company has announced that 15 of its stores nationwide will shut down.

The bankruptcy news comes after it was revealed that CEO Daniella Vitale has been unable to find a buyer.

Affected locations include Barneys stores in Las Vegas and Chicago.

At least seven warehouses affiliated with the luxury chain will also be closed.

Stores that will remain open include the Barneys on NYC's Madison Avenue and ones in San Francisco and Beverly Hills.

According to 'The New York Post,' the company's online platform, Barneys.com, will also not be taken down.

Neither will fellow website BarneysWarehouse.com.

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Video credit: Reuters Studio - Published on August 6, 2019 

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