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And Barneys reduced its long-term debt from $590 million to $50 million.
The retailer's credit line is drying up.
"As of two weeks ago we weren't allowed to spend any money."
The British label has entered into administration, the U.K. equivalent of Chapter 11.
Meanwhile, the company is still $116 million in debt.
Unless they get an investor soon, they may have to close.
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