Barneys has been one of the most trusted names when it comes to luxury retail. The store has been a go-to for designers, celebrities and even the royalty for fixing their fashion needs since decades. However, in the past few years, the store has taken a major beating with several high-end labels opting out due to high rents and shifting consumer tastes.
Owing to these changing dynamics, the infamous fifth avenue store may soon be exploring options that include a bankruptcy filing. As stated by sources, the 100-year-old retailer is working with law firm Kirkland & Ellis LLP to prepare for a potential bankruptcy that could come in the coming weeks. The news was also confirmed by the store in a statement to CNN Business that said that it is ‘actively evaluating opportunities to strengthen its balance sheet and ensure the sustainable, long-term growth and success of its business.’
In the same statement, the company also quipped that it will ‘continue to evolve its strategy and business model for the benefit of all of our stakeholders through its forward-thinking and uniquely modern approach.’ In the last decade or so, Calvin Klein, Ralph Lauren (RL), Lord & Taylor, and Henri Bendel are a few renowned names that have quit liaison with the store owing to plunging rents and the growth of online retail. Well, what’s in fate for Barneys then is only for time to tell!