Barneys will sell to Authentic Brands Group in a court-approved deal –
Bankrupt Barneys
officially sold to Authentic Brands Group on Friday morning, following approval from bankruptcy judge Cecelia G. Morris on Thursday.
The deal as it stands
will lead to the shuttering of most of Barneys’ remaining stores.
However, the flagship location in New York City will remain open for at least the next year, according to Daniel Levy, president of the Ashkenazy Acquisition Corporation, which owns the flagship property.
A Barneys spokesperson
confirmed that the deal officially closed in a statement to Business Insider on Friday, noting the company did everything it could to prevent liquidation.
Business Insider