The saga over the future of Barneys New York is coming to an end.
is coming to an end. Judge Cecelia Morris approved a sale to Authentic Brands Group and by B. Riley in New York’s bankruptcy court today. Since placing a stalking horse bid for the retailer of around $271 million on October 16, the group had expressed intentions to downsize the business, liquidate current merchandise, and license the Barneys New York name to Saks Fifth Avenue.had rallied around the investor Sam Ben-Avraham.
So what’s next for one of New York’s most beloved stores? Should the sale to ABG and B. Riley be confirmed tomorrow in court, the liquidation of Barneys’s assets, dismissal of employees, and closing of stores could begin as soon as November 2. Ben-Avraham and Jackson have until court adjourns tomorrow morning to submit viable counter bids—neither have responded to requests for comment.
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