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Barneys officially has a new owner: Authentic Brands

NEW YORK (AP) — It’s official. Barneys New York, the iconic luxury chain, has been sold to fashion licensing company Authentic Brands for $271.4 million.

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

Authentic Brands says it’s working with Saks Fifth Avenue on a licensing deal. It plans to reboot Barneys New York on Saks Fifth Avenue’s fifth floor. Saks will launch Barneys shops in various stores in key markets in the U.S. and Canada. Barneys New York crown jewel — its flagship on Manhattan’s Madison Avenue— will turn into a pop-up store. It’s likely that most of the other Barneys stores will close.

Barneys New York in August.

Associated Press

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