It’s the end of an era for Barneys New York: The beloved retailer was sold to Authentic Brands Group and B. Riley today, which plan to close many stores and license the name to Saks Fifth Avenue.
account, run by once potential bidder Sam Ben-Avraham, there are comments of dismay as well as others accusing Ben-Avraham of playing up emotions with no real intention of acquiring Barneys New York.
In a post published after this morning’s ruling, the investor confirmed he had pulled out of bidding: “Dear Family, Last night after two months of working around the clock, my team and I had to make the hardest decision we could have imagined: to pull out of the race and not go to court this morning. This was one of the hardest decisions I have made in my life thus far.
As for what’s next, rumors are already swirling within the industry about a liquidation sale that could put Barneys’s legendary Warehouse Sales to shame. The expectation is that all remaining merchandise, the highest-end of luxury goods, could be marked down intensely. That might be good news for shoppers looking for a deal, but it’s bad news for brands whose goods will be offered at steep discount and for other retailers who are relying on luxury spending this holiday season.
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