BCBG kicks off Fashion Week amid talk of store closures

That's not the way you want to start off New York Fashion Week.

Amid reports that BCBG will close 120 of its stores, an article in Women's Wear Daily says the fashion label is heading closer to a bankruptcy filing.

Models walk the runway during the BCBG fashion show at NYFW on Feb. 11, 2016.

pics:marieprom

Sources told WWD, the fashion industry's trade publication, that BCBG has been examining its options for restructuring its debt. That includes hiring a bankruptcy counsel.

The report comes as the high-end brand plans to shutter roughly a third of its standalone locations, primarily in the U.S., according to the Minneapolis Star-Tribune.

A spokesman for BCBG did not respond to CNBC's requests for comment. However, he told the Minneapolis publication that the stores are "either are unprofitable or have untenable lease agreements."

BCBG is hardly the only retailer struggling to stay afloat among a changing consumer base. Recently, The Limited, Wet Seal and American Apparel have all started the process of winding down their store fleets following Chapter 11 filings.

The luxury industry has, meanwhile, suffered from terror attacks in major global cities, a strong U.S. dollar and tepid demand.