Another US Luxury Goods Department Formally Filed For Bankruptcy Protection Application.

In August 6th, Barneys New York, an American luxury department store operator, formally submitted the Chapter 11 bankruptcy protection application document to the Southern District Court of New York.

Documents show that Barneys has received $75 million from Financial Services Company Hilco Global and Gordon Brothers Group, a subsidiary of consulting firm, and will remain in operation in the process of bankruptcy reorganization. In the future, Barneys will gradually close 3 physical stores in Chicago, Las Vegas and Seattle, as well as 5 small concept stores and 7 discount stores Barneys Warehouse, but New York Madison Avenue flagship store and four other flagship stores will continue to camp.

Court documents show that Barneys's assets and liabilities range from $100 million to $500 million.

In recent years, Barneys has been looking for buyers and new investors, hoping to ease the huge impact of soaring rental and flagship stores in Manhattan, New York, on the company's business.

Daniella Vitale, chief executive of Barneys, said that filing for bankruptcy protection would help the group to complete restructuring and optimize its operational capability, and would be more conducive to investor acquiring company. At present, many investors from non department stores show interest in acquisitions.

This time, investment bank Houlihan Lokey and M-III Partners provide financial advisory services for Barneys.

Barneys was founded in 1923 by Barney Pressman, headquartered in New York, USA, originally a discount clothing store, and gradually transformed into a luxury men's department store. After the successful introduction of Italy luxury brand Giorgio Armani (Armani) into the US market in 1976, Barneys became famous. In the same year, the company opened a women's clothing department. In 1989, Barneys set up a holding company in cooperation with Japan's luxury goods department store, and formally entered the Japanese market. At the end of the 90s, Barneys had applied for a bankruptcy reorganization. In 2012, the group just completed a debt restructuring. At present, Barneys is owned by financier Richard Perry's hedge fund and investment company of Ron Burkle, a supermarket giant.