(Bloomberg) -- Barneys New York will return early next year under its new owner, after plans to revive the storied luxury retailer were delayed due to the coronavirus pandemic.
The first two stores are set to open in the first quarter, more than a year after Barneys declared bankruptcy and began shuttering its locations. One will be inside Saks Fifth Avenue's flagship in Manhattan, and the other will be a small standalone shop in Greenwich, Connecticut.
“We would've liked to have it open by now,” said Jamie Salter, chief executive officer of Barneys owner Authentic Brands Group LLC, at a conference Wednesday. The store was supposed to come back in September as a boutique on the fifth floor of the Saks flagship, but the health crisis derailed those hopes.
Fred's, the restaurant within Barneys, will also be making its comeback in 2021, though Salter didn't share additional details.
A representative for Saks confirmed the Barneys timing but declined to comment further on the plans.
Barneys filed for bankruptcy for the second time last year and liquidated its remaining merchandise through the holidays before closing its Madison Avenue flagship in February. The department store had become a cultural icon over its near-century-long history. What started as a place to buy cheap suits became a cornerstone of high-end shopping.
Authentic Brands bought the assets and licensed the brand to Saks in North America, an alternative to reopening a network of large department stores in the U.S. Authentic Brands has six Barneys stores in Japan and plans to expand it into China and Korea in the next two years.
©2020 Bloomberg L.P.
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