Iconic department store Barneys New York explores bankruptcy

The iconic clothier founded almost a century ago will keep the doors open at its 10-story Madison Avenue store, but it has secured $75 million in financing to pay employees and vendors as it seeks a buyer. Stores in Chicago, Las Vegas and Seattle will close along with 12 concept and warehouse locations. Stores in Beverly Hills, California, San Francisco and in Boston will remain open, as well as two warehouse locations in New York and California. However, the company said Tuesday it's reviewing all store leases.

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