Barneys New York is in the midst of exploring options that include filing for bankruptcy protection as it fights the changing winds of consumer taste as well as high rent prices in New York city. The 100-year-old retailer is working with a law firm to prepare for a potential bankruptcy filing that is expected to take place in the coming weeks.

If the filing does go through, this would mark one of the most high-profile victims of the downturn in retail and underscores how everyone, including luxury department stores are not immune to the growing competition from companies such as Amazon. Barneys operates BarneysWarehouse outlets, as well as Freds restaurants.