Barneys New York Inc's flagship Madison Avenue outlet in Manhattan will rem...
- Barneys New York Inc’s flagship Madison Avenue outlet in Manhattan will remain open for at least another year in a slimmed-down form while the buyer of the luxury retailer’s brands negotiates with the store’s landlord.
A bankruptcy judge approved the sale of Barneys brands and other intellectual property to Authentic Brands, a firm that acquires and licenses brands, on Thursday. The deal closed on Friday, Authentic Brands said.
A cultural touchstone for generations of New Yorkers and followers of fashion, Barneys filed for bankruptcy protection in August, citing rent hikes as a factor. The firm plans to license the Barneys brand to Hudson’s Bay Co owned Saks Fifth Avenue and will open shops in Saks locations across the United States and Canada.
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Barneys is awarded to Authentic Brands, which plans to shut storesAuthentic’s plan involves hitching the chain to another iconic retailer, with about 40 Barneys shops opening inside of Saks Fifth Avenue stores.
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Barneys store liquidation sales to begin soon as bankruptcy deal closes, private sales start next weekPrivate sales will begin next week for Barneys' 'most loyal' customers, the Great American Group and Tiger Capital Group said.
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Bankruptcy judge approves Barneys' sale in a move that will likely close all of the luxury chain's remaining department storesBankruptcy judge Judge Cecelia G. Morris ruled in favor of a deal for Authentic Brands Group to purchase Barneys on Thursday.
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Barneys Sale to ABG Approved as Time Winds Down for Other BiddersWith only the Authentic Brands Group bid in hand, the bankrupt retailer is trying to hold the door open to other bids until 10 a.m. Friday.
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All Dressbarns Will Close by Dec. 26Liquidation sales for the remaining 544 brick-and-mortar stores will begin Nov. 1.
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Barneys New York Has Officially Been SoldBarneys New York has officially sold to Authentic Brands Group. Barneys CEO Daniella Vitale stepped down following the sale.
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