The rise and fall of Barneys, the iconic New York luxury department store teetering on the brink of collapse

• $4 is in the process of finding a buyer to prevent liquidation after filing for Chapter 11 bankruptcy in August. As part of the bankruptcy announcement, $4.
• Though the luxury department store is a favorite among celebrities and fashionistas, it has a history of financial strife and leadership challenges, beginning with its first bankruptcy in 1998.
• We took a closer look at the rise and fall of Barneys over the years.
• $4.

$4 is awaiting an uncertain fate after nearly a century of selling luxury apparel to Manhattan's elite.

The luxury department store - long heralded as a beacon of high style in New York City and a favorite among celebrities and fashionistas - is currently in the process of finding a buyer to prevent liquidation after $4 in August. The decision came after several quarters of sales woes thanks to increased competition from e-commerce, declining foot traffic, and skyrocketing rent prices.

As part of the bankruptcy announcement, Barneys is $4 though it plans to retain its iconic Manhattan flagship location. While Barneys' downfall may seem like a surprise to some, this isn't the first time the company was on the brink of collapse - the department store also suffered a near fatal blow in the 1990s.

Read more: $4

Though Barneys isn't alone in its fight to $4, the brand has larger reputational issues on its hands, according to New York Times fashion critic Vanessa Friedman. Somewhere along the way, Barneys went from aspirational to punishingly elitist - it failed to adapt to the modern shopper, and in turn consumer sentiment soured.

"[Barneys] was also unabashedly elitist, proudly exclusionary - you got it or you didn't, and if you didn't, that was your problem, not theirs - and imbued with an arrogance that, at a certain point, began to chafe," $4.

Here's a closer look at the rise and fall of Barneys New York.