Luxury retailer Barneys, which recently declared bankruptcy, announced earlier this week that it secured around US$218 million from Brigade Capital Management LP and B. Riley Financial Inc.

The company also received approvals from bankruptcy courts for all of its "first-day" motions, giving Barneys interim approval to immediately access US$75 million of the US$218 million in new financing.

Brigade Capital is a global investment management firm, and B. Riley Financial is a diversified financial services company.

“This significantly enhanced financing commitment demonstrates the belief of Brigade Capital and B. Riley Financial in the value of the Barneys New York brand and business,” said Barneys chief executive officer Daniella Vitale.

“We appreciate the prompt action by the court in approving our first-day motions and would like to thank our employees, vendors and customers for their continued support.