New York (CNN Business) Barneys, an icon of America's luxury clothing world for decades, has filed for bankruptcy.

The New York-based retailer filed for Chapter 11 bankruptcy protection early Tuesday morning. It said in a statement that it had also secured $75 million from affiliates of Hilco Global and the Gordon Brothers Group to help meet its financial commitments.

"Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand," Barneys CEO Daniella Vitale said in a statement.

The bankruptcy filing will allow the company "to conduct a sale process, review our current leases and optimize our operations," she added.

Pedestrians walk past the Barneys store at 7th Avenue and 17th Street in New York, on May 22, 1989.

The 96-year old company has 2,300 employees. Unlike other retailers that rely on part-time workers, 90% of Barneys' workforce is full time. Nearly half of the hourly 1,900 hourly employees are represented by a union, also a rarity in modern retail.