Even with liquidation sales, Barneys still expensive
There really aren’t any bargains to be found at Barneys New York — at least not yet.
Discounts were being offered in the range of 5% to 10% off at the bankrupt luxury retailer’s Manhattan flagship and products from global luxury powerhouse LVMH Moët Hennessy Louis Vuitton were excluded entirely, reported The New York Times.
B. Riley Financial’s Great American Group, which is handling the sales, hopes to sell the majority of Barneys goods — from five full-price Barneys stores, two outlets and the corresponding websites — by the end of December but is prepared to run sales into February if necessary, the report said. The retail value of Barney’s merchandise right is about $500 million.
The sales come after Barneys sold its intellectual property went to licensing firm Authentic Brands Group. Its assets, however, were bought by B. Riley Financial’s Great American Group. Scott Carpenter, president of retail solutions at the company, told the Times that the firm will sell “every stitch of product” in Barneys locations.
To read the full Times story, click here.