The retail apocalypse news keeps coming, even on Sundays. Barneys operates almost 30 stores in the US and Canada.
>Trump's economy is marvelou-
Welp...
>Barneys Might File For Bankruptcy
>Barneys New York, Inc. is exploring the possibility of filing for bankruptcy due to high rents and changing consumer trends.
>One of the oldest luxury department stores, Barneys, has almost stood the test of time — reaching centennial in a few years. The store first opened in 1923 on Seventh Avenue and 17th Street. The stores are known for their high-end design collection and have been featured as the top retailer for luxury products.
>Barneys is now working with Kirkland & Ellis, an international law firm, to prepare for potential bankruptcy filing in the next few weeks though reports say that the high-end retail company has not yet made a final decision.
>Barneys’ stores, which are located in top market real estate, are struggling to cope with expensive leases. Aside from filing for bankruptcy, it is still looking for other options to address high rental rates.
>Barneys’ flagship store in Madison Avenue, New York had a steep increase in rent from $16 million in the previous years to $30 million in January 2019.
>Retailers, including high-end ones, could no longer afford New York’s expensive properties. In 2017, Ralph Lauren closed its Fifth Avenue store. This January, Lord & Taylor store, owned by Hudson’s Bay Company, closed its Fifth Avenue flagship, too.