Luxury clothing store Barneys is closing all of its stores after filing for bankruptcy.
The high-end store officially filed for bankruptcy this past week, but had already filed for bankruptcy protection back in August. At first, the brand started with closing 15 of its stores, with seven still open. But now, all of the locations have closed.
However, this won’t be the end of the brand, as it is looking to reestablish itself with Saks Fifth Avenue and Authentic Brands, which will buy the Barneys name and other assets. The store was located in several areas of California, including Beverly Hills and outlet stores in Camarillo, Carlsbad, and Cabazon.
Authentic Brands Group, the licensing company that owns brands like Aeropostale and Juicy Couture, has put in a $271 million bid with B. Riley Financial to buy Barneys out of bankruptcy, according to a court filing. The luxury department store called the bid “a positive step forward,” and a “strong” recognition of the value of its assets and brand name.
“We are encouraged by the stalking horse bid by Authentic Brands Group in partnership with Saks Fifth Avenue,” a Barneys spokesperson said in a statement. “Additionally, we appreciate the ongoing interest by Sam Ben-Avraham and are actively pursuing additional options with those who have expressed their intent to submit bids during the upcoming auction process.”