There has been plenty of drama surrounding luxury NYC fashion retailer Barneys‘ bankruptcy, including a heated bidding war between Authentic Brands Group and KITH Investor Sam Ben-Avraham. According to Vogue, Authentic Brands Group has just walked away from the case victorious, officially purchasing the retailer for $271.4 million USD.
The publication states that Judge Cecelia G. Morris made a final ruling to allow Authentic Brands to acquire Barneys’ assets and intellectual property this morning. Authentic Brands Group is still expected to close most Barneys retail locations, including its iconic NYC outpost, and all of its assets are expected to be liquidated. The parent company is also in talks to license Barneys’ name and intellectual property to Saks Fifth Avenue‘s parent company Hudson’s Bay Co. Thousands of employees will be affected in the process.