In August, Barneys New York announced that the company filed for bankruptcy. Kith investor Sam Ben-Avraham launched a Save Barneys NY campaign and reportedly bid $260 million to keep the retailer open but later withdrew his bid. On October 31, Barneys’ troubles ended after a judge approved a deal to sell Barneys to Authentic Brands Group and B. Riley Financial Inc. for $271.4 million, Business of Fashion reports.
With the new deal, ABG plans to close several Barneys New York stores, but the company isn’t getting rid of the Barneys brand altogether; ABG is licensing Barneys’ brand to Saks Fifth Avenue, where Saks will launch a slew of Barneys shops inside Saks locations. For the famous Madison Ave location, ABG will transform the space into a “pop-up retail experience,” featuring boutiques as well as art installations and other forms of entertainment.