Quietly rumored to be in trouble for some time, Barneys New York — a pillar of the luxury retail market for decades — is reportedly “exploring options that include a bankruptcy filing,” according to Reuters.
Per anonymous sources that appear to be close to the situation, Barneys is “working with law firm Kirkland & Ellis LLP to prepare for a potential bankruptcy filing that could come in the coming weeks,” as it “struggles with high rents and changing consumer tastes.”
“Should it file for bankruptcy,” the story noted, “Barneys would be one of the most high-profile victims of the downturn in retail, and underscore how even luxury department stores are not immune from fierce competition with e-commerce firms.”
In response to the report, Barneys provided Reuters with a statement that asserted a commitment to customers and goods, while underscoring that the “board and management are actively evaluating opportunities to strengthen [the] balance sheet and ensure the sustainable, long-term growth and success of [the] business.”
*Cue Queen’s Another One Bites the Dust*
You can read more about it at Reuters.