Reuters, citing unnamed sources, reported that high-end luxury department store Barney’s in New York is facing bankruptcy.
In a statement to CNN Business, the luxury department store said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.”
While no statements included the word bankruptcy, it is believed that will be the ultimate result.
Barney’s flagship location is New York’s Fifth Avenue, but other well-known retailers have left because of the costs of rent. Reports are that the following retailers have left or will be leaving: Calvin Klein, Ralph Lauren, Lord & Taylor, Henri Bendel, and, Versace.
A new location is expected to be built in Miami Beach.
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