New York (CNN Business) Barneys reportedly may become the latest brick-and-mortar retailer to file for bankruptcy.

Reuters , citing unnamed sources, reported Saturday that the company "has not yet made a final decision on whether or not to seek bankruptcy protection, and is weighing other possible solutions for addressing high rents that are straining its business."

The sources told Reuters that filing for bankruptcy protection could help alleviate the pressure of expensive leases.

In a statement to CNN Business, the luxury department store, formally called Barneys New York, said it is "actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business." The company did not say whether those options included bankruptcy.

Barney's has several locations in the United States, but its headquarters and flagship store line the area around New York's Fifth Avenue, which for months has been emptied of prominent luxury retailers as they flee high rents and shifting consumer tastes.

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