The rise and fall of Barneys, the iconic New York luxury department store teetering on the brink of collapse

Main Idea: Barneys New York was approved for sale to Authentic Brands Group, a deal that will likely close its remaining stores and end the luxury department store’s run.

Key Points:

• A bankruptcy judge approved Authentic Brands Group’s bid, with the sale set to close soon if no higher offer appears.
• The deal is expected to shut Barneys’ stores, including its famous Manhattan flagship, even though the brand name may live on through licensing.
• Barneys filed for Chapter 11 after weak sales, more online competition, lower store traffic, and rising rent hurt the business.
• The company had once been a fashion landmark, but critics say its elitist image and failure to adapt hurt its reputation and appeal.