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The Fall of Barneys Burns a Hedge-Fund Star

Some billionaire hedge-fund managers buy sports teams. Richard Perry snapped up one of New York’s most influential luxury department-store chains.

Mr. Perry’s passion project—Barneys New York Inc.—filed for chapter 11 bankruptcy protection Tuesday with plans to close 15 of its 22 stores and with new financing that gives it time to find a buyer. Barneys’ troubles reflect the litany of woes hurting retailers across the U.S.: The company faced a sky-high rent increase and ran into difficulty navigating the rise of e-commerce...