New York City Barneys New York plans to close two of its seven stores, according to the Wall Street Journal.
The 85,000-sq.-ft. store at the Shoppes at the Palazzo in Las Vegas is one of the stores the company plans to close, the report said. The location of the other store could not be immediately determined.
Barneys had expected to generate $6 million a month in sales at the Las Vegas store, but the company has managed to earn only a quarter of that since last autumn, the report said.
Dubai’s Istithmar World Capital owns the retailer, which has stores in New York, Beverly Hills, Chicago, Boston, Dallas, San Francisco and Las Vegas.