NEW YORK (Reuters) – Luxury department store Barneys New York Inc is exploring a bankruptcy filing as it struggles with high rents and changing consumer tastes, people familiar with the matter said on Saturday.
The nearly 100-year-old department store, known for its high-end designer collection, is working with law firm Kirkland & Ellis LLP to prepare for a potential bankruptcy filing that could come in the coming weeks, one of the sources said.
Barneys - Decision - Bankruptcy - Protection - Solutions
Barneys has not yet made a final decision on whether or not to seek bankruptcy protection and is weighing other possible solutions for addressing high rents that are straining its business, the sources cautioned. But, filing for bankruptcy may be an option to deal with expensive leases, the sources said.
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