BARNEYS FILES FOR BANKRUPTCY.Byline: Daily News Wire Reports Barneys New York  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , which grew from a humble men's suits shop to a global chain of glitzy glitz Informal n. Ostentatious showiness; flashiness: "a garish barrage of show-biz glitz" Peter G. Davis. tr.v. stores for the well-to-do, filed for bankruptcy protection Thursday. Founded in Chelsea in 1923 by immigrant Barney Pressman with money he raised by hocking Hocking may refer to:
pl.n. Informal Highly fashionable celebrities; the smart set: "private parties on Park Avenue and Central Park West, where the literati mingled with glitterati" by opening a posh new flagship store on Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. . The company said the Chapter 11 filing was the result of a partnership dispute with Isetan Co., its Japanese partner on numerous joint ventures. But Isetan and some retail experts said Barneys - renowned for pricey designer duds from such big names as Armani and Calvin Klein Noun 1. Calvin Klein - United States fashion designer noted for understated fashions (born in 1942) Calvin Richard Klein, Klein - couldn't sell enough $2,000 suits and $150 ties to pay off the debt and additional rent that it took on during its 17-store expansion. "It certainly doesn't look like much of a success," said Bud Konheim, chief executive of Nicole Miller Ltd., a fashion apparel maker. Isetan played a central role in financing the expansion of Barneys from its original base at 7th Avenue and 17th Street in Manhattan to its present empire of 13 American stores, including large stores on Madison Avenue in Manhattan, downtown Chicago and Beverly Hills. The unexpected bankruptcy is a stunning chapter in one of the city's great rags-to-riches stories. Over time the Pressman clan built the store into a pilgrimage site for the city's richest shoppers. Known for their hardball business techniques, the family selected trend-setting designer fashions and became big rivals against such retail giants as Bloomingdale's and Macy's. Yasuo Okamoto, Isetan's lawyer, said Barneys is trying to get out of paying rent - about $2 million per month - to the firm. Isetan is the main landlord of the Madison Avenue store as well as Barneys' new outlets in Chicago and Beverly Hills. CAPTION(S): PHOTO Photo (Color) Pedestrians pass by a Barneys in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on Thursday. Associated Press |
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