Barneys New York officially being sold piece by piece

Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece.

The iconic department store retailer, founded in 1923, was officially sold on Friday to fashion licensing company Authentic Brands Group and financial firm B. Riley for $271.4 million.

The sale follows approval by a bankruptcy court judge on Thursday. The judge left room for another bidder to come forward but that never materialized.

B. Riley said it will be holding liquidation sales through its Great American Group subsidiary at Barney’s remaining seven US stores, starting with private sales events for its most loyal customers next week. Those are its five regular-price stores, including its flagship Madison Avenue store in Manhattan, and two warehouse store locations.

Still, Authentic Brands says it plans to turn the Madison Avenue store into a location for pop-up businesses, bringing together a group of boutiques as well as art and cultural installations. Authentic Brands says it will license the Barney’s New York name to Saks Fifth Avenue with plans to reboot Barneys New York on Saks Fifth Avenue’s fifth floor. Saks will also launch Barneys New York shops in various stores in key markets in the US and Canada.

Authentic Brands “is committed to preserving the legacy of Barneys New York while positioning it for long-term growth through key partnerships that will expand its global presence as a lifestyle brand and luxury retail experience,” said the company in a statement. (AP)