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ReutersNEW YORK (Reuters) – Barney New York Inc., an American operator of luxury department stores, is investigating options such as bankruptcy, high rent challenges, and changing consumer tastes. said Saturday sources close to the case.
Barneys, a nearly 100-year-old retailer known for its collection of high-end stylists, is working with Kirkland & Ellis LLP to prepare for a bankruptcy filing expected in the coming weeks. one of the sources.
Barneys has not yet made a final decision on the opportunity to seek bankruptcy protection and is considering other possible solutions to deal with the high rents that are penalizing its business, the sources warned. .
The bankruptcy filing would be an 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, said one of the sources.
The requested sources are not identified because the deliberations are confidential.
"At Barneys New York, our customers remain our top priority and we are committed to providing them with the excellent services, products and experiences they expect," the company said in a statement.
"We continue to work closely with all our business partners to achieve the goals we have set for ourselves and maximize value," he said.
"To this end, our Board of Directors and Management are actively evaluating opportunities to strengthen our balance sheet and ensure the long-term, sustainable growth and success of our business," added the company.
In the event of bankruptcy, Barneys would be one of the most prominent casualties of the retail slowdown and would point out that even luxury department stores are not immune to fierce competition with such e-commerce companies as than Amazon.com Inc.
Sears Holdings Inc., Toys "R" Us Inc. and Gymboree Group Inc. have also filed for bankruptcy in the past year.
In addition to its high-end department stores, Barneys operates Barneys Warehouse outlets and Freds restaurants. In all, Barneys has 28 branches, according to its website. Its most prominent sites are Beverly Hills, California. Chicago; Seattle; Boston; San Francisco; and Las Vegas.
Barneys became known in the 1930s by placing women dressed in caskets in front of New York breweries, where they were distributing matchbooks advertising the store, according to the retailer's website.
The store, now known for exclusive clothing made by designers such as Burberry Group PLC, has started as a destination for middle-clbad families. He went into luxury fashion in the 1960s. Speech
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