Barneys secures fresh capital in bid to avoid collapse

Barneys new york

Barneys New York has received a fresh cash injection as it seeks to fend off the threat of collapse.

The US department store chain, which filed for Chapter 11 bankruptcy yesterday, has been handed an extra $143m (£118m) by investment management firm Brigade Capital and financial services company B. Riley Financial.

It comes on top of the $75m (£61m) it secured from Hilco Global and Gordon Brothers.

Under the Chapter 11 agreement, Barneys has been granted court approval to help meet financial commitments and continue operations, including paying employees, manufacturers and suppliers.

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