Barneys Department Store Shutting Down – Madison Avenue Location?
One of the finest retailers of high-end fashions is shutting down. Barneys New York filed for bankruptcy recently, and the company’s stores are going to close down. However, it is unclear as to whether the company’s iconic Madison Avenue location in New York will be impacted.
Barneys New York was sold to Authentic Brands for $271.4 million. Authentic is expected to license the Barneys name to Saks Fifth Avenue. The physical holdings for Barneys will be sold off to other parties, including the many physical locations that the company has left.
There are seven remaining physical Barneys New York stores around the United States. There is a potential for about two thousand employees to be laid off due to the closures.
What Locations Are Shutting Down?
Barneys New York has only seven locations left. There were twenty-two locations prior to the company declaring bankruptcy earlier this year. These included stores in the Chicago and Las Vegas areas. Among the locations being shut down include ones in Beverly Hills and San Francisco.
The location that many will be talking about will be the store’s famous flagship location on 660 Madison Avenue in New York. The Madison Avenue location is the largest Barneys store. The site has been a prominent destination for high-end shoppers, not to mention its elaborate window decorations have drawn many to the area over the years.
Whether the Madison Avenue location will stay open is unclear, although there is a potential for the location to be sold off. It would be a high-value investment, as the location is in between 5th and Park Avenues and on the southeastern end of Central Park.
The closure of Barneys New York marks a significant development in how many retail stores have been shutting down over the years. Barneys was formed by Barney Pressman in 1923 as a high-end fashion store for men and women. The company established various stores around the New York area, including its Madison Avenue location. The store became famous for its various high-end products.
The company was critical in introducing many prominent international designers and brands to the United States. Among the brands that Barneys New York brought into the country include Armani, Christian Louboutin, Azzedine Alaia, and Ermenegildo Zegna. Fashion designers such as Bill Bass and Christian Dior also worked for Barneys.
Barneys filed for bankruptcy in 1996, but the company was able to get out of the issue. However, the Pressman family sold off its final shares in the company in 2004. A Dubai-based equity firm bought the company in 2007 for nearly $1 billion, but the store had been on the decline due to people not having as much interest in luxury goods.
What Happens Next?
The Barneys stores are shutting down, although the fate of the Madison Avenue location is unclear. Saks Fifth Avenue will take in the Barneys brand name. The name will be used in the sale of various high-end fashions at Saks Fifth Avenue. Suits and other formal wear products will be available with the Barneys name in the future.