Barney's New York to Reopen in 2021 Following Chapter 11 Bankruptcy
Barney’s New York will be reopening its doors early 2021 under its new owner, Authentic Brands Group.
According to new reports, the luxury department store chain hoped to reopen this year, but those plans have now been delayed due to the ongoing coronavirus pandemic until at least the beginning of next year. Two locations are expected to launch within the first quarter of 2021: a shop-in-shop within Manhattan’s Saks Fifth Avenue flagship and a standalone store in Greenwich, Connecticut. The former was originally slated to reopen September this year, but the plans fell through. On top of the two locations, the famed restaurant Fred’s will also return in the coming year.
The upcoming reopenings come after a turbulent year for the company, which found itself suffering massively from the pandemic economy, ultimately leading to a Chapter 11 bankruptcy filing back in August of 2019. Following a brief period of bidding wars, the department store chain was acquired by Authentic Brands Group for $271.4 million USD, a deal that also led to the resignation of Barney’s New York’s CEO at the time, Daniella Vitale.
In other business-related news, Salesforce will be acquiring Slack for $27.7 billion USD.
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