What to Know
- 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
- The company has nearly a dozen locations, mostly in the swankier districts in cities like Boston, Beverly Hills, California, and New York
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, 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 in 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.
Copyright AP - Associated Press
