It is an end of a fashion era in Manhattan. One of the Big Apple’s landmarks is set to close for good.
The New York Times is reporting that albeit several attempts to save Barneys New York the luxury goods store will shut its’ doors. According to the news story the company officially succumbed to bankruptcy on Friday, November 1. Authentic Brands Group will now own the name but not keep the brick and mortar location open. In a formal press release the brand management group will license the Barneys name to Saks Fifth Avenue which will then sell Barneys branded products in an effort of “building a business model that will adapt this legendary brand for the future of experiential luxury.”
In a lengthy post on the Barneys Instagram account investor Sam Ben-Avraham detailed why the choice to wave the white flag. “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.”
Barneys was originally launched in 1923 by Barney Pressmen. It would grow on to embody the New York upper class by introducing luxury labels to the world such as Armani, Comme des Garcons and Christian Louboutin.