Luxury department store chain Barneys New York has filed for bankruptcy and put itself up for sale.
The retailer opened its doors in 1923 and was made famous by Sex and the City.
Barneys will close 15 of their 22 stores in flagship locations such as Chicago, Las Vegas and Seattle, and seven Barneys Warehouse discount stores.
The 10-story Madison Avenue store in New York will remain open – along with branches in Beverly Hills, San Francisco and Boston – while the company looks for a buyer.
Like many department stores around the world, Barneys has been hit with rising rental costs and competition from online retailers such as luxury goods store Net-a-Porter and re-selling site The RealReal.
Chief executive Daniella Vitale said Barney’s had been “dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand”.
The retailer “voluntarily filed for reorganisation under Chapter 11” in the U.S. Bankruptcy Court for the Southern District of New York.
Papers show the company has debts of between $100m and $500m.
Barneys will continue to trade after securing $75m in funds from Hilco Global and Gordon Brothers Group, who have a reputation for rescuing struggling brands.
It previously filed for bankruptcy in the 1990s before enjoying a revival in the days of the designer-obsessed characters featured in the Sex and the City television series.