Joele Frank is handling the bankruptcy of Barneys New York, the luxury retailer that fell victim to the changing shopping environment and high rents relative to market demand.

The 96-year-old company, which employs 2,300 people, plans to keep its Manhattan, Boston, San Francisco and Beverly Hills outlets open and shutter stores in Chicago, Las Vegas and Seattle.

CEO Daniella Vitale said the Chapter 11 reorganization will provide Barneys the breathing room needed to conduct a sale process, review current leases and optimize operations.

She promised that the partnerships and relationships with the “world’s best designers and brands,” customers and employees will continue for “many years to come” as the company executes its “forward thinking vision of what retail should look like today.”

Meghan Repko, Dan Moore and Jacob Silber of Joele Frank Wilkinson Brimmer Katcher handle Barneys.