It’s official: Authentic Brands Group and B. Riley’s bid for Barneys — which was approved by a judge yesterday — has been finalized. The New York Times reports that ABG will now license the Barneys name to Saks Fifth Avenue. Daniella Vitale, the retailer’s CEO, has resigned.
Meanwhile, financial firm B. Riley is beginning the liquidation process. This will start next week with private sale events at Barneys brick-and-mortar locations. Gift cards will only be honored until November 7. It’s unclear what will happen to said locations, although the Madison Avenue flagship will live on as a “pop-up retail experience” featuring boutiques and installations. As part of its licensing deal, Saks’ New York flagship location will house a “new version of Barneys” on its fifth floor. Barneys shop-in-shops will also appear in Saks locations across the U.S. and Canada.
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ABG first pitched its bid earlier this month. It’s biggest competitor was a group of investors led by KITH co-founder Sam Ben-Avraham. His plan promised to revamp the business and potentially save it from disaster. He even went so far as to launch a petition to “save Barneys,” hoping that community support would strengthen the bid. However, the New York Post reports Ben-Avraham informed advisors he would not submit a final bid on Wednesday.