Barneys New York stores, corporate office to close Feb. 23
NEW YORK - From Manhattan to Beverly Hills and San Francisco, Barneys New York luxury goods stores and the corporate office will permanently close on Feb. 23.
A NY Dept. of Labor notice indicates that 719 employees will be affected. The reason for the closure is listed as "economic."
Any employee of the 97-year-old chain who has worked for at least two years would receive a five-weeks severance, reported the NY Post. Workers would not receive accrued vacation time.
Inventory from clothing to handbags was being sold out of plastic bins at the flagship store on Madison Avenue with only 10 days left before closing day.
Sales ranged from 75-90 percent off.
The high-end store announced last year that it had filed for Chapter 11 bankruptcy protection and would close all of its stores if it didn't find a buyer by late October.
"Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand," said CEO Daniella Vitale at the time.
Barneys reportedly plans to sell store brand items inside Saks Fifth Avenue.