A bankruptcy judge yesterday approved Barneys New York Inc.’s sale to Authentic Brands Group LLC, an owner and manager of fashion brands, which will likely close almost all of the luxury retailer’s remaining stores and license the Barneys name, WSJ Pro Bankruptcy reported. The judge’s decision, however, leaves open the slim possibility that a rival purchaser could come forward before the sale closes tomorrow with a higher or better offer that would keep more stores open and the business intact. “This is a sad day,” said Judge Cecelia G. Morris at a hearing yesterday in U.S. Bankruptcy Court in Poughkeepsie, N.Y. The ruling means the majority of Barneys’ more than 2,000 employees will likely soon be out of work. Barneys’ new buyer plans to start store-closing sales tomorrow right after the deal closes. Barneys filed for bankruptcy protection in August, stung by a shift to online shopping and rising rent on its flagship Madison Avenue store. The company currently has seven locations after closing 15 stores when it filed for court protection.
