NEW YORK (CBSNewYork) — Time is running out for luxury retailer Barneys.

The department store has until Oct. 3 to find a buyer and avoid liquidation.

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The deadline was set at a bankruptcy court hearing Friday.

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Barneys says it has received letters of intent from potential buyers but no formal bids.

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Lenders have loaned out nearly $220 million to keep the company running after it filed for bankruptcy in August.