Signage for Barneys

Barneys New York has officially filed for bankruptcy.

The 96-year-old luxury retailer filed for Chapter 11 bankruptcy protection in the early hours Tuesday — the second time in its history — after scrambling to find financing last month. The retailer, which is planning on closing 15 of its 22 doors, has more than 5,000 creditors, including The Row, Celine Inc., Yves Saint Laurent America Inc., Gucci, Prada and more.

After news broke, the retailer shared a photo of a Barneys shopping bag, captioning it with: “trends come and go, but institutions are timeless.”

Others have also taken to social media to share their reactions to Barneys’ bankruptcy, with most hopeful for an upcoming blowout sale at the retailer.

Read on to see some of the best social media reactions.

Read more here:

Barneys Moves Toward Bankruptcy With $75 Million in Financing 

Weighing In On Barneys’ Viability

Tom Kalenderian Celebrates 40 Years at Barneys New York 

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