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Barneys Is Sold for Scrap, Ending an Era
Source: New York Times
Barneys Is Sold for Scrap, Ending an Era
The bankruptcy saga of the famed New York department store involved last-minute alliances and vain attempts to cobble together competing bids.
By Vanessa Friedman and Sapna Maheshwari
Nov. 1, 2019
Updated 7:12 p.m. ET
For decades, Barneys New York epitomized a certain kind of aspirational Manhattan cool.
It matched the city’s soaring skyscrapers in its ambition, unapologetic ego and raised-eyebrow gloss. The retailer was the first to introduce names such as Armani, Alaia, Comme des Garcons, Louboutin and Zegna, and its flagship store on 61st Street and Madison Avenue attracted as many gawkers as shoppers.
On Friday, however, Barneys found itself felled by bankruptcy, sold for parts from a courthouse in Poughkeepsie, N.Y.
Authentic Brands Group will take control of the Barneys name — one that has been part of the Manhattan landscape since 1923 — and license it to other companies like Saks Fifth Avenue. The firm B. Riley Financial is preparing to liquidate Barneys’ high-end wares, at its five stores and two Warehouse locations, starting with private sale events for Barneys’ “most loyal” shoppers next week.
-snip-
The bankruptcy saga of the famed New York department store involved last-minute alliances and vain attempts to cobble together competing bids.
By Vanessa Friedman and Sapna Maheshwari
Nov. 1, 2019
Updated 7:12 p.m. ET
For decades, Barneys New York epitomized a certain kind of aspirational Manhattan cool.
It matched the city’s soaring skyscrapers in its ambition, unapologetic ego and raised-eyebrow gloss. The retailer was the first to introduce names such as Armani, Alaia, Comme des Garcons, Louboutin and Zegna, and its flagship store on 61st Street and Madison Avenue attracted as many gawkers as shoppers.
On Friday, however, Barneys found itself felled by bankruptcy, sold for parts from a courthouse in Poughkeepsie, N.Y.
Authentic Brands Group will take control of the Barneys name — one that has been part of the Manhattan landscape since 1923 — and license it to other companies like Saks Fifth Avenue. The firm B. Riley Financial is preparing to liquidate Barneys’ high-end wares, at its five stores and two Warehouse locations, starting with private sale events for Barneys’ “most loyal” shoppers next week.
-snip-
Read more: https://www.nytimes.com/2019/11/01/business/media/barneys-bankruptcy-authentic-brands.html
______________________________________________________________________
Source: Associated Press
Barneys New York officially being sold piece by piece
By ANNE D'INNOCENZIO
November 1, 2019
NEW YORK (AP) — Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece.
The iconic department store retailer, founded in 1923, was officially sold on Friday to fashion licensing company Authentic Brands Group and financial firm B. Riley for $271.4 million.
The sale follows approval by a bankruptcy court judge on Thursday. The judge left room for another bidder to come forward but that never materialized.
B. Riley said it will be holding liquidation sales through its Great American Group subsidiary at Barney’s remaining seven U.S. stores, starting with private sales events for its most loyal customers next week. Those are its five regular-price stores, including its flagship Madison Avenue store in Manhattan, and two warehouse store locations.
Still, Authentic Brands says it plans to turn the Madison Avenue store into a location for pop-up businesses, bringing together a group of boutiques as well as art and cultural installations. Authentic Brands says it will license the Barney’s New York name to Saks Fifth Avenue with plans to reboot Barneys New York on Saks Fifth Avenue’s fifth floor. Saks will also launch Barneys New York shops in various stores in key markets in the U.S. and Canada.
-snip-
By ANNE D'INNOCENZIO
November 1, 2019
NEW YORK (AP) — Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece.
The iconic department store retailer, founded in 1923, was officially sold on Friday to fashion licensing company Authentic Brands Group and financial firm B. Riley for $271.4 million.
The sale follows approval by a bankruptcy court judge on Thursday. The judge left room for another bidder to come forward but that never materialized.
B. Riley said it will be holding liquidation sales through its Great American Group subsidiary at Barney’s remaining seven U.S. stores, starting with private sales events for its most loyal customers next week. Those are its five regular-price stores, including its flagship Madison Avenue store in Manhattan, and two warehouse store locations.
Still, Authentic Brands says it plans to turn the Madison Avenue store into a location for pop-up businesses, bringing together a group of boutiques as well as art and cultural installations. Authentic Brands says it will license the Barney’s New York name to Saks Fifth Avenue with plans to reboot Barneys New York on Saks Fifth Avenue’s fifth floor. Saks will also launch Barneys New York shops in various stores in key markets in the U.S. and Canada.
-snip-
Read more: https://apnews.com/037178458363494ab80ed88315994fe7
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