The end of an era.
Instead, Authentic Brands plans on licensing the Barney’s name to its longtime rival, Saks Fifth Avenue, while selling off the remaining merchandise at a discount in all seven of its current outposts, as well as the outposts themselves. Unfortunately, that means that as many as 2000 Barney’s employees could be out of a job when all is said and done.
The sale comes after Barney’s filed for bankruptcy in August, a move that might have come as a shock to casual observers of the fashion world. For decades, Barney’s represented New York shopping prestige, thanks in large part to its flagship location on Madison avenue. But the company was simply unable to adapt to the rise of e-commerce and rising rent costs.last month with the hopes of saving Barneys.
Authentic Brands meanwhile, has announced a mega-sale for the brand’s loyal customers. “This is a once-in-a-lifetime opportunity for its most loyal customers to buy items that rarely go on sale at markdown prices,” it said in a statement. “We encourage shoppers to visit their nearest Barneys before this highly exclusive merchandise sells out.”
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