Barneys New York is an American chain of luxury department stores founded and headquartered in New York, New York. The chain operates 26 flagship, boutique, and outlet stores in the United States. In addition, eleven stores in Japan are licensed and operated by a third party. The company began in 1923, when Barney Pressman opened his first store in Manhattan with $500 raised by pawning his wifes engagement ring in order to lease a 500-square-foot (46 m2) space at Seventh Avenue and West 17th Street in Manhattan with 20 ft (6 m) of frontage. Barneys Clothes was stocked with 40 brand name suits and a big sign with a slogan, "No Bunk, No Junk, No Imitations." Barneys sold clothing at discounted prices by purchasing showroom samples, retail overstocks, and manufacturers' closeouts at auctions and bankruptcy sales. It also offered free alterations and free parking to attract customers.