NEW YORK (AP) — Barneys New York may soon join the ever lengthening list of retail stores seeking protection in bankruptcy.
The luxury clothing company, faced with high rents and a shifting consumer landscape, is evaluating options that may include a bankruptcy filing. That’s according to a source close to the matter who asked to remain anonymous because the discussions are confidential.
The company has nearly a dozen locations, mostly in the swankier districts of cities like Boston, Beverly Hills, California, and New York.
High-rent retailers like Barneys now compete with online luxury players like Net- a-Porter and the RealReal.com, which don’t have need to maintain flagship stores.
Reuters first reported that Barneys was evaluating bankruptcy options.