Barneys New York Has Been Reorganized as Saks Fifth Avenue After It Filing Bankruptcy
The store is back in New York after an 11-month absence. Barneys New York has finally returned to its home town after the pandemic delayed its post-bankruptcy recovery plan.
Barneys at Saks will be the name of the store that has been a fixture in the city’s retail scene for decades. It will open Friday at Saks Fifth Avenue’s Manhattan flagship. After an 11-month absence, the store is now back in business.
Barneys’ store-within a-store is about a fifth of the size of the previous location, which was several blocks away at 54,000 square footage. In early 2020, the shop was declared bankrupt for the second consecutive time and the business was closed. The plan was to launch the project in September. However, the epidemic delayed its launch.
The merchandise will be regularly updated and include new and well-known designers. There will be mini-shops customized by Fear of God and Reese Cooper on the first day. You can also find VIP suites, style advisors and after-hours consultings.
The store’s reopening marks a new chapter for the once-famous New York company. Barneys, which had sold its remaining inventory in February after a long period of decline, succumbed to rising rents and problems at department stores as customers moved online.
January 25th, Authentic Brands Group purchased the brand and licensed it for Saks in North America. The first Barneys at Saks will open in Greenwich, Connecticut. The 14,000-square foot shop will have both men’s and ladies’ clothing.
Fred’s Barneys restaurant will also reopen by 2021. However, no details have been announced.
Authentic Brands is committed to expanding Barneys’ international reach, and plans to open new stores in China in the next two-years. Japan has six Barneys outlets and five locations.
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