A rumor is circulating today that Barneys New York is officially closing all of their stores, including their Madison Avenue flagship. Earlier today, Fox 5 NY even reported this rumor as fact. This rumor, however, is false. At least for now. (Fox has since amended their story.)
While it is possible that Barneys will close some or all of its stores, nothing will be known for sure until next week, at the earliest. On Tuesday, October 22, Barneys goes up for auction. Right now, it is looking like the highest bid will come from Authentic Brands Group in partnership with Saks Fifth Avenue. If that happens, it seems likely that some or all Barneys stores will be closed, but nothing is certain. Another company could still swoop in and save the day, as it were.
Even after all the bids come in on the 22nd, a judge will not approve the final deal until at least October 24. All of which is to say that any stories you hear between now and October 24 concerning Barneys are pure conjecture and or irresponsible reporting and are really best ignored.
A representative from Barneys had this to say:
“We are encouraged by the stalking horse bid by Authentic Brands Group in partnership with Saks Fifth Avenue. 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. We are working hard to achieve a successful sale process that will preserve the integrity of this incredible brand and ultimately benefit our employees, customers, vendors and other business partners.”
Nothing to do now but wait and see.