Its Madison Avenue store in Manhattan, the building that has become synonymous with the brand name, will stay open, and its nine-floor footprint will also remain the same.
Last August, an arbiter ruled that the annual rent at the Madison Avenue store could be raised to $30 million from $16 million.
Whether the Madison Avenue store – once a jewel in New York’s shopping crown – becomes a turnaround fairy tale or the poster child for the current woes of the retail world is now the question.
In 1996, the store’s original owners, the Pressman family, filed for protection after they fell out with their investors, the Japanese department store group Isetan.
Since a makeover begun in 2010, the Madison Avenue store has felt both more accessible and less unique.
“Today the online players coupled with brands opening their own stores and going direct to consumer have taken a big share of that market – the market that Barney’s once had exclusively,” he added.
“Our store customer tends to be the most loyal, most engaged and has the highest spend.” Though perhaps not at quite so many stores.