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Possible shutter of two flagships, including Las Vegas
Barneys New York is trying to close two of its flagship stores, including the 85,000-square-foot location which anchors the Shoppes at the Palazzo in Las Vegas, according to The Wall Street Journal. The location of the other store could not be immediately determined. The luxury retailer is said to be trying to conserve cash amid a drop in spending among wealthy consumers.
In 2007, Istithmar World Capital, the Dubai investment fund, purchased Barneys for $942 million. According to The Journal, Istithmar recently infused a significant amount of capital into the chain to calm vendors’ worries about liquidity.
The luxury retailer operates seven flagships with locations in New York, Beverly Hills, Chicago, Boston, Dallas, San Francisco and Las Vegas.
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