(Bloomberg) -- Luxury department store Barneys New York is considering a bankruptcy filing, Reuters reported, citing unidentified people familiar with the matter.

Barneys, almost 100 years old, is working with Kirkland & Ellis LLP to prepare for a potential bankruptcy that could come in the coming weeks, Reuters cited one of the people as saying. Barneys has not yet made a final decision and is weighing other solutions.

“Our Board and management are actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business,” the company said in a statement to Reuters.

A Barneys representative did not immediately return Bloomberg’s request for comment.

Earlier this year, the company sought to downsize its Madison avenue store in an effort to reduce the store’s $30 million annual rent cost, according to the New York Post.

To contact the reporter on this story: Maria Jose Valero in New York at mvalero3@bloomberg.net

To contact the editors responsible for this story: Polina Noskova at pnoskova@bloomberg.net, James Ludden

©2019 Bloomberg L.P.