NEW YORK (Reuters) – U.S. 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 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. Filing for bankruptcy would be one option to deal with expensive leases, the sources said.
The retailer’s flagship department store on Madison Avenue in Manhattan has weighed on its finances, one of the sources said. The sources asked not be identified because the deliberations are confidential.
“At Barneys New York, our…
Source news reuters.com, click here to read the full news.
