Barney's Store is in Lower Manhattan on August 06, 2019 in New York. Barneys, one of the most exclusive clothing stores in America, has filed for bankruptcy.
Spencer Platt | Getty Images
Liquidation sales for stores in Barnes New York will begin shortly, according to a news release Friday.
Private sales will begin next week for Barney's "most loyal" customers, Great American Group and Tiger Capital Group said, Closing stores will soon begin at five leading Barneys New York and Barneys Warehouse stores.
The publication does not indicate when sales to close stores will begin.
Locations to close store sales in Barneys New York:
Barneys New Leading locations in York include:
• 660 Madison Avenue at Madison Avenue in New York, NY
• New York City Center on 1
• Beverly Hills at Wilshire Boulevard 9570 in Los Angeles, CA
• San Francisco at O & # 39; Farrell 77 in downtown Union Square
Copley Place at 100 Huntington Avenue in Back Bay Boston
Sales will also be happening at Barneys Warehouse stores located in Woodbury Common (240 Hudson Valley Area, Entrance Valley, NY) and San Francisco Premium Outlets (2626 Livermore Outlets Drive, Livermore, CA)
The company said the companies will work to "sell all inventory quickly during the upcoming holiday season."
It was also announced on Friday that the flagship Madison Avenue store in Manhattan would remain open for at least one more year in reduced form as luxury shopper purchases negotiate with stores
the bankruptcy approved the sale of Barneys and others and the intellectual property of Authentic Brands, a company that acquires and licenses brands, on Thursday. The deal closed on Friday, Authentic Brands said.
The store's well-known establishments, Fred's, will also remain open.
"We have entered into an agreement with the authentic Barneys Group, a new owner of Barneys, to keep Madison Avenue open in a smaller footprint for the next 12 months as we continue to explore long-term solutions," Daniel Levy, President of Investment Company for Ashkenazy Acquisition Corp., the store's owner, said in a statement Friday.
Levy stated that the New York store generates about $ 20 million in annual returns for Barneys, even with a recent rental increase.
A cultural touchstone for generations of New Yorkers and fashion followers, Barneys filed for bankruptcy protection in August, citing rent hikes as a factor.
Authentic brands, which offer about $ 271 million for Barneys, have said they will turn the Madison Avenue location into a pop-up store.
The company plans to license the Barneys brand co-owned by Hudson & # 39; s Bay Saks Fifth Avenue and will open stores in Saks locations in the United States and Canada.
This will begin with an attempt to restart Barnes on the fifth floor of the Saks Fifth Avenue location in Manhattan. The remaining Barneys stores are expected to close.
"Over the last few months, we have worked diligently with the court, our lenders and creditors to maximize the value of Barneys' assets and are pleased that we have come to the conclusion of this process," Barney said in a statement.
Reuters contributed to this story.