A store in Barney is located in lower Manhattan on August 6, 2019 in New York City. Barneys, one of America's most exclusive clothing stores, has filed for bankruptcy.
Spencer Platt | Getty Images
The store closure sale in Barneys New York will begin soon, according to a release Friday.
Private sales begin next week for Barneys' most loyal customers, said Great American Group and Tiger Capital Group. Store closure sales will soon begin at five flagship Barney's New York stores and Barneys Warehouse locations. [1
Places for Barneys New York store sales:
York flagship locations include:
• Madison Avenue at 660 Madison Avenue in New York, NY
• New York City Center at 101 Seventh Avenue in Chelsea District of Manhattan
• Beverly Hills at 9570 Wilshire Boulevard in Los Angeles, CA
• San Francisco at 77 O & # 39; Farrell Street in Downtown Union Square
• and Copley Place at 100 Huntington Avenue in Back Bay Boston
The sale will also take place at Barneys Warehouse stores located at Woodbury Common (240 Hudson Valley District, Central Valley, NY) and San Francis co Premium Outlets (2626 Livermore Outlets Drive, Livermore, CA).
The release said that the companies will work to "quickly sell through all inventory during the upcoming holiday season." Sales will also be offered online.
It was also announced Friday that the store's flagship Madison Avenue outlet in Manhattan will be open for at least another year in a slimmed down form while the buyer of the luxury retailer's brands is negotiating with the store's landlord.
A bankruptcy judge approved the sale of Barney's trademarks and other intellectual property to Authentic Brands, a company that buys and licenses brands, on Thursday. The deal was finalized on Friday, Authentic Brands said.
Fred's well-known eatery, Fred & # 39; s, will also remain open.
"We have reached agreement with Authentic Brands Group, Barney's new owner, to keep Madison Avenue store open in a smaller footprint for the next 12 months, while continuing to explore solutions in the longer term," said Daniel Levy, president for the real estate investment firm Ashkenazy Acquisition Corp, the store's landlord, in a statement Friday.
Levy said the New York store generates about $ 20 million in annual profitability for Barneys, even with a recent increase in rents.
A cultural touchstone for generations of New Yorkers and followers of fashion, Barneys sought bankruptcy protection in August, citing rents as a factor.
Authentic Brands, which offered roughly $ 271 million dollars for Barneys, said it would make the Madison Avenue location a pop-up store.
The company plans to license the Barneys brand to Hudson's Bay co-owned Saks Fifth Avenue and will open stores in Saks locations across the United States and Canada.
It will start with an attempt at Barney's reboot on the fifth floor of Saks Fifth Avenue location in Manhattan. The remaining Barneys stores are expected to close.
"In recent months, we have worked diligently with the court, our lenders and creditors to maximize the value of Barney's assets, and we are pleased to have reached the conclusion of this process," Barneys said in a statement.
Reuters contributed to this story.