Barneys NY filed for bankruptcy. It still plans to open in Bal Harbour Shops.

Less than a month after announcing it would open its first Florida location in Bal Harbour, Barneys New York department store said Monday that the company voluntarily has filed for bankruptcy.

Despite its financial troubles, Barneys will still open the Bal Harbour store, a spokesperson for the company confirmed.

“Barneys New York is moving forward with its announced opening in the Bal Harbour Shops in Miami Beach,” the spokesperson said.

The new Barneys store is part of a $500 million Bal Harbour Shops expansion announced last month. Construction on a new Collins Ave. entrance has already started, and the entire expansion is expected to be finished in 2024, according to a spokesperson for the Whitman Family Development, LLC, which owns the project. It will also include a Neiman Marcus and Saks Fifth Avenue.

In its bankruptcy announcement, Barneys said the company has secured $75 million in funds from investment firms Hilco Global and Gordon Brothers Group to keep it intact while it restructures under Chapter 11. It will close stores in Chicago, Las Vegas and Seattle. CEO of Barneys Daniella Vitale cited changing consumer trends and high rents as reasons for the company’s financial trouble.

“Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand,” she said in a statement.

This story was originally published August 6, 2019 at 4:41 PM.