Famous New York department store Barneys files for bankruptcy
Chapter in Manhattan's Jewish history appears to come to a close as the chain store nears its end
A chapter of New York’s Jewish history appeared to draw to a close this week, as the famous Barneys department store chain filed for Chapter 11 bankruptcy.
It was founded 96 years ago, in 1923, by Barney Pressman, one of seven children who grew up in Manhattan’s Lower East Side, who sold his wife’s engagement ring to buy a small clothing store on Seventh Avenue.
He built the brand through savvy marketing and retired in 1975, when his son Fred took it “from a salty discount house that sold roast beef sandwiches in its pub to a purveyor of Italian designers with a cafe serving Perrier and light salads”.
Barney Pressman died in 1991, by which point Barneys was chalking up $200 million in sales annually, but five years later, in 1996, the firm filed for bankruptcy after a dispute with its Japanese lenders.
This week the chain said it had secured short-term financing to stay afloat, in order to close stores in Chicago, Las Vegas and Seattle, plus five smaller concept stores and seven Barneys Warehouse locations.
It blamed trading conditions as well as a steep rent rise at its flagship Madison Avenue store, from $16 million to $30 million. The company has now put itself up for sale.
Keep community journalism free.
Jewish News is free for everyone. No paywall. No barriers. Just trusted journalism for anyone who wants to stay connected to Jewish life in Britain.
If you value that, please support us.
From as little as £5 a month, you can help keep our journalism free and accessible to all.
Every day, we report on the issues that matter to our community. We celebrate achievements, support charities, challenge antisemitism and ensure Jewish voices are heard more widely.
From as little as £5 a month, you can help us continue to:
- Report on the stories shaping Jewish life in the UK and beyond
- Bring our community together through shared stories, events and campaigns
- Celebrate the people, culture and moments that define our community
- Support organisations doing vital work across Jewish Britain
You can make a one-off donation or become a regular supporter. Every contribution helps keep our journalism free, independent and accessible to all.
If everyone who values Jewish News gave a small amount, it would make a real difference to our future.
