Barneys Exploring Bankruptcy

Luxury department store Barney’s New York (New York) is reportedly exploring bankruptcy due to rising rents and changing shopper behaviors, according to The Guardian. The retailer is weighing bankruptcy and other options on the advice of its law firm Kirkland & Ellis.

“We continue to work closely with all of our business partners to achieve the goals we’ve set together and maximize value. To that end, our board and management are actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business,” the company said in a press release.