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Barneys secures fresh round of capital

US department store Barneys has received an extra $143m (£118m) funding to support its chapter 11 bankruptcy, following an initial $75m (£61m) offer.

It brings the total amount of new financing to $218m (£179m), which has been secured from investment management firm Brigade Capital and financial services company B Riley Financial.

Hilco Global and the Gordon Brothers Group offered Barneys $75m in new financing yesterday, the same day it filed for chapter 11 bankruptcy.

Under the new agreement, the department store chain will have immediate access to $75m and all of its existing debt will be refinanced.

Barneys has also received court approval to it help meet financial commitments and continue operations, including paying employees, manufacturers and suppliers. CEO and president Daniella Vitale said the “substantial” new funding will “better support” Barneys throughout the sale process and position it for the long term.

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