After swirling uncertainty over its future, the sale of Barneys New York to Authentic Brands Group - who provided the ailing retailer with a bankruptcy loan - is complete as of today. As Vogue reports, 'Barneys’s new owners are expected to close the majority of its stores, let go thousands of employees, liquidate its remaining assets, and license the Barneys New York name and intellectual property to Saks Fifth Avenue.'
Barneys holds a special place in New York fashion's hearts, having been famed for its directional buy during its heyday years of the seventies and eighties, bringing European fashion to the American market. It was the first place to stock Giorgio Armani in the US in 1976, and also stocked full lines from the likes of Christian Dior and Hubert de Givenchy: a rarity in American retail at the time.
The fashion industry shared their condolences, with influential figures including celebrity stylist Karla Welch and designer Narciso Rodriguez posting messages of support on Barneys' Instagram post.