Technology
Barneys New York history includes a rise and a fall
Barneys New York is awaiting an uncertain fate after nearly a century of selling luxury apparel to Manhattan’s elite.
The luxury department store — long heralded as a beacon of high style in New York City and a favorite among celebrities and fashionistas — is currently in the process of finding a buyer to prevent liquidation after filing for Chapter 11 bankruptcy in August. The decision came after several quarters of sales woes thanks to increased competition from e-commerce, declining foot traffic, and skyrocketing rent prices.
As part of the bankruptcy announcement, Barneys is shuttering 15 of its 22 stores, though it plans to retain its iconic Manhattan flagship location. While Barneys’ downfall may seem like a surprise to some, this isn’t the first time the company was on the brink of collapse — the department store also suffered a near fatal blow in the 1990s.
Read more: New York’s iconic luxury department store chain Barneys has filed for bankruptcy
Though Barneys isn’t alone in its fight to stave off the retail apocalypse, the brand has larger reputational issues on its hands, according to New York Times fashion critic Vanessa Friedman. Somewhere along the way, Barneys went from aspirational to punishingly elitist — it failed to adapt to the modern shopper, and in turn consumer sentiment soured.
“[Barneys] was also unabashedly elitist, proudly exclusionary — you got it or you didn’t, and if you didn’t, that was your problem, not theirs — and imbued with an arrogance that, at a certain point, began to chafe,” Friedman wrote after the bankruptcy announcement.
Here’s a closer look at the rise and fall of Barneys New York.
-
Business6 days ago
API startup Noname Security nears $500M deal to sell itself to Akamai
-
Business6 days ago
US think tank Heritage Foundation hit by cyberattack
-
Entertainment6 days ago
NASA discovered bacteria that wouldn’t die. Now it’s boosting sunscreen.
-
Entertainment6 days ago
How to watch ‘Argylle’: When and where is it streaming?
-
Business5 days ago
Tesla drops prices, Meta confirms Llama 3 release, and Apple allows emulators in the App Store
-
Business4 days ago
TechCrunch Mobility: Cruise robotaxis return and Ford’s BlueCruise comes under scrutiny
-
Entertainment5 days ago
‘The Sympathizer’ review: Park Chan-wook’s Vietnam War spy thriller is TV magic
-
Business3 days ago
Tesla layoffs hit high performers, some departments slashed, sources say