As Barneys awaits a sale hearing next week amid bankruptcy proceedings, the New York retailer plans to lay off 384 workers in California by shutting its stores in San Francisco and Beverly Hills.

The company filed a notice with the state saying 121 workers would be affected at its four-story flagship store on 77 O’Farrell St. in Union Square, including employees at its top floor restaurant, Freds. 263 workers are expected to be let go at the Southern California Barneys. Employment could be terminated as early as Nov. 1, the notice said.

If the Union Square location closes, it would create two huge vacancies on a property that also fronts on Stockton Street, a visible presence in the high-end shopping district. On the other side of the building is the other anchor tenant, Forever 21, yet another retailer undergoing bankruptcy. It announced plans earlier this month to close the location. Property managers Madison Marquette did not return calls for comment.

Barneys filed for bankruptcy on Aug. 6, making it the twelfth major retailer in 2019 to do so. Five more have filed for bankruptcy since, including plus-sized clothing company Avenue and Destination Maternity, both of New Jersey. This year, retail companies have announced plans to close more than 8,000 stores in the U.S., according to Coresight Research.

Retailers cite many reasons for their bankruptcy filings, from the decline of malls to the shift to online shopping to debt laden on by private equity buyouts.

A spokeswoman from Barneys said the fate of the Union Square location will depend on the outcome of sale hearing slated for next week.

Shwanika Narayan is a San Francisco Chronicle staff writer. Email: shwanika.narayan@sfchronicle.com Twitter: @shwanika