Per the windows at Barneys New York’s Madison Avenue flagship, the liquidation sale has already begun. The windows display two signs reading, “Store Closing Sale” and “Everything Must Be Sold!” both with smaller text underneath reading “Goodbuys, Then Goodbye!”
The retailer, which filed for Chapter 11 bankruptcy protection in August, finally found a new owner on Friday in the Authentic Brands Group, buying the historic New York retailer for $271 million. ABG has plans to keep Barneys’ Madison Avenue flagship open for the next year as an experiential pop-up store format, but bring the Barneys name over exclusively to Saks Fifth Avenue as its retail partner.
With Friday’s bankruptcy deal, Barneys began its sale, which ABG chairman and chief executive officer Jamie Salter called “transition sales” or “non-store-closing sales” instead of liquidation sales. However, these sales are currently a meager 5 or 10 percent off merchandise across categories — according to the Barneys web site — which, considering the steep prices of its designer offerings, doesn’t account for much savings. Social media has already shown its disappointment.
Barneys’ most loyal customers will have first access to another sale — presumably more than 5 to 10 percent off merchandise — with Scott Carpenter, president of Great American, which is handling Barneys’ liquidation, stating: “This is a once-in-a-lifetime opportunity for its most loyal customers to buy items that rarely go on sale at markdown prices. We encourage shoppers to visit their nearest Barneys location to take advantage of this sale before this highly exclusive merchandise sells out.”
It’s unclear when the sale will be available to the greater public.
When visiting Barneys’ e-commerce site, customers are greeted with the header, “All Sales Final.” The page explains that items purchased prior to Nov. 1 can be returned no later than Nov. 7, that any purchase made after Oct. 31 can be returned no later than Nov. 15 and that purchases made after Nov. 15 will be final sale.
Customers with Barneys gift cards have until Nov. 7 to use the credit.
While the Barneys liquidation sale will run through February, the retailer expects to sell through much of its inventory through the holiday shopping season.
This post will be updated as more information is revealed on the Barneys liquidation sale.
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