After weeks of speculation, the fabled department store Barneys New York, up against a challenging retail environment and rent structures that are excessively high, announced its bankruptcy plans. The iconic clothier, which was founded almost a century ago, will close 15 of its 22 stores as it looks for a buyer (has a couple months to find one). Doors will remain open at five others, including, ironically, its costliest–the Madison Avenue flagship. The rent there is $2.5 million — a month.

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