Luxury department store Barneys New York Inc. is exploring restructuring options that could include filing for bankruptcy as it struggles to keep up with higher rent and adapt to changing consumer habits, Bloomberg News reported. Barneys is working with financial advisers at MIII Partners and lawyers at Kirkland & Ellis. The company hasn’t made a final decision on whether to pursue its plan in or out of court. Founded as a men’s retailer in 1923 in downtown Manhattan, Barneys became the icon of high fashion and innovation for women and men in the 1970s. Today, Barneys New York operates flagship stores in New York City on Madison Avenue and downtown in Chelsea, as well as Beverly Hills, Chicago, Seattle, Boston, San Francisco and Las Vegas. Barneys has around $250 million of debt obligations, including a $200 million asset-based revolver led by Wells Fargo & Co. and a $50 million term loan facility.
