Iconic luxury department store Barneys New York is closing all of its locations. Sales will also be offered online.It was also announced Friday that the store's flagship Madison Avenue outlet in Manhattan will remain open for at least another year in a slimmed-down form while the buyer of the luxury retailer's brands negotiates with the store's landlord.A bankruptcy judge approved the sale of Barneys brands and other intellectual property to Authentic Brands, a firm that acquires and licenses brands, on Thursday. The company is currently holding a huge online sale as it prepares to shut down 15 of its 22 stores. (Credit cards are still accepted.)

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“Get an additional 20% off entire purchase,” advised a pink, Xeroxed flyer stuck on top of it, adding “Today only!”While shoppers riffled through piles of silk scarves and cashmere sweaters for deals, insiders say the liquidation of the chic luxury emporium hasn’t gone smoothly With just a few days until Christmas, sources say more inventory remains than anyone expected.

In the bankrupt luxury icon’s hometown, 719 employees will lose their jobs … For now, at least. Barneys filed for bankruptcy protection in August, but court records were filed just this week. “We’ve been contacted by a number of vendors that want to buy their product back, but we haven’t made any agreements with any of them,” Mr. Carpenter said.“We’re open to talking to them, but generally speaking, they want to buy their stuff back at a discount — I’d rather sell it to you at a discount,” he said. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.A Barney's store stands in lower Manhattan on August 06, 2019 in New York City. Sales associates, meanwhile, are getting unusually high commissions, between 7.5 percent and 9 percent, according to a source.“[They] have seen commissions go up in line with the high volume of sales and traffic to the stores,” a B. Riley rep said, denying the firm was getting squeezed.“Since the start of the sale, there has been a diverse range of shoppers — from the traditional high-end Barneys customer to the more price-conscious consumer,” the rep added.