Meet Richard Perry, the billionaire who bankrupted Barney's

Former hedge-fund manager and chairman of Barney's New York Richard Perry made mistakes that led to the famed department store's financial troubles, the Wall Street Journal reported.

Barney's New York filed for bankruptcy on August 6 and put itself up for sale, according to Reuters.

Perry's own hedge fund, Perry Capital, shuttered in 2016 amid growing losses, The New York Times reported at the time.

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The financial troubles of famed luxury department store Barney's New York may not be just another tale of a brick and mortar retailer crushed by the rise of online shopping.

The leadership of billionaire former hedge fund manager Richard Perry may also be to blame, the Wall Street Journal reported on August 6. Perry, the former president of now-defunct hedge fund Perry Capital took control of Barneys in 2012 and Perry assumed the role of the chairman of the board.

Perry was once considered one of the hedge fund industry's most successful investors, according to The New York Times. However, Perry closed the fund in 2016 after mounting losses cost him the trust of his investors, the Times reported at the time.

Read more: New York's iconic luxury department store chain Barneys has filed for bankruptcy

A representative for Perry did not immediately return Business Insider's request for comment.

Keep reading to learn more about the rise and fall of former hedge fund manager Richard Perry.