BEVERLY HILLS (CBSLA) — Barneys New York was once an icon for America’s luxury clothing world. Now the retailer has filed for Chapter 11 bankruptcy protection.
The filing will allow the New York-based department store to hold sales, review current leases, and optimize operations.READ MORE: Lifeguards Battle For Bragging Rights In Hermosa Beach
The chain has been plagued with problems lately, primarily not being able to afford rent on stores that lost foot traffic from online shopping.READ MORE: Business Taking New Precautions As COVID Cases Surge
The company says it will look for a buyer that will keep five of its flagship stores, including their location in Beverly Hills.
Barneys is set to close 15 of their locations including the following Southern California locations:MORE NEWS: Joseph Jimenez Charged With Murder, Attempted Murder In Corona Movie Theater Shooting
- Cabazon: 48650 Seminole Drive, Desert Hills Premium Outlets
- Camarillo: 850 East Ventura Blvd., Camarillo Premium Outlets
- Carlsbad: 5620 Paseo Del Norte, Carlsbad Premium Outlets
- Glendale: 869 Americana Way, The Americana at Brand
- Los Angeles: 189 The Grove Drive
- Santa Monica: 395 Santa Monica Place
California locations in Beverly Hills, San Francisco, and Livermore will remain open.