Luxury Icon Barney’s Declares Chapter 11, Seeks Buyer
Business Wars Daily
Wondery
4.6 • 716 Ratings
🗓️ 21 August 2019
⏱️ 6 minutes
🧾️ Download transcript
Summary
Today is Wednesday, August 21, and we’re looking at Barney’s vs. Rent the Runway.
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Transcript
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| 1:05.6 | Thank you. McMillan Online Community. From Wondry, I'm David Brown, and this is Business Wars Daily on this Wednesday, August 21st. |
| 1:11.7 | Luxury retailer Barneys filed for Chapter 11 bankruptcy last week, following rampant speculation. |
| 1:18.1 | Now, the question is, why? What exactly is causing the downfall of one of America's best-known |
| 1:24.2 | high-fashioned institutions? Well, first, the facts. Barney's isn't liquidating, |
| 1:29.6 | at least not right now. The retailer is closing 15 out of its 22 stores and most of its outlets, |
| 1:35.8 | but it managed to eke out a $75 million loan to help it meet its existing commitments, |
| 1:41.4 | according to CNN. It'll use some of that money to keep its flagship |
| 1:44.8 | downtown Manhattan location open. The rest restructure, pay employees, and suppliers, and maintain |
| 1:51.6 | operations while it looks for a buyer. The dire straits Barneys finds itself in are apparent to |
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