A bankruptcy judge has approved the sale of the Barney’s chain of fashion stores to Authentic Brands Group and its financial partner B. Riley Financial in Woodland Hills, according to media reports.
Barney’s entered bankruptcy in early August. At the time, B. Riley and Brigade Capital agreed to provide $218 million to shore up the retailer’s finances, with $75 million available immediately, as reported by the Business Journal.
The final sale to Authentic Brands was financed by B. Riley to the tune of $271 million. Judge Cecilia Morris of the U.S. Bankruptcy Court in New York approved the sale.
Vogue’s website said the “new owners are expected to close the majority of its stores, let go thousands of employees, liquidate its remaining assets, and license the Barneys New York name and intellectual property to Saks Fifth Avenue.”
Shares of B. Riley (RILY) closed Friday up 79 cents, or 2.8 percent, to $28.94 on the Nasdaq.