Barneys' Bankruptcy

The hood’s Bergdorf Goodman Barneys New York has officially filed for Chapter 11 bankruptcy protection!  Arranged on August 6, the Chapter 11 filing allows Barneys to stay open while it works out a plan to rev up the business and pay off its debts.

According to Business of Fashion, the luxury department store has been struggling with high rent and changing consumer tastes.  Below is Barneys’ official statement regarding its surprising move:

“For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity and representation of the world’s best designers and brands.  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. In response to these obstacles, the Barneys New York Board and management team have taken decisive action by entering into a court-supervised process, which will provide the Company the necessary tools to conduct a sale process, review our current leases and optimize our operations.”

Due to the bankruptcy, Barneys New York is closing 15 of its 22 brick-and-mortar shops, which includes their locations in Chicago, Las Vegas, and Seattle branches. Furthermore, 7 of the company’s 9 Barneys Warehouse stores and 5 concept stores will also be shut down (no Skepta). Fortunately, the luxury retailer will keep 5 flagship locations in New York, San Francisco, Los Angeles, and Boston. My online shopping heads are in luck because Barneys online stores, Barneys.com and BarneysWarehouse.com, will also remain in business.

What was the first piece you ever copped at Barneys?

Would You Like Paper or Paper?

A few days ago, while checking out at Trader Joe’s, I kindly asked the cashier to pack my groceries in a plastic bag. Surprisingly, he told me that they stopped using them altogether! I usually have my handy-dandy tote bag on deck for these types of situations, but since it was an impromptu appearance (with very little groceries), I thought why not?  Abolishing plastic bags, though, is definitely a smart move for the environment’s sake. New York is following suit, as it might be the second state to ban single-use plastic bags.

After numerous failed attempts by the New York State Legislature, lawmakers have finally reached an agreement to put the plastic ban in their budget—voting took place today.  The law, which was initially passed in California, is set to take effect in New York on March 1, 2020. It will include exemptions for fish, poultry, uncooked meat, trash bags, prescription drugs, and restaurant carry-out orders.

I guess we should all start saving the infamous “thank you” plastic bags for souvenir purposes, eh?