Barneys secured $75 million in new financing from affiliates of Hilco Global and the Gordon Brothers Group to help it keep operating as it navigates the bankruptcy court, it said in a statement
The retailer will close its physical stores in Chicago, Las Vegas and Seattle, along with five smaller concept stores and seven Barneys Warehouse locations. However, its Madison Avenue store will stay open along with its other four flagship locations, Barneys said. Barneys was advised by investment bank Houlihan Lokey, M-III Partners, the turnaround firm founded by restructuring veteran Mohsin Meghji, and the law firm Kirkland & Ellis.
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