Barneys New York, which once reigned in the world of high fashion, will officially shut down its stores by the end of the month.
The iconic department store retailer, founded in 1923, is expected to close up shop on Feb. 23 and more than 700 employees its flagship store on Madison Avenue, its Chelsea location and its outlet at Woodbury Common in Central Valley are expected to lose their jobs.
The company's other remaining stores in San Francisco and Beverly Hills, California, will also close on the same date.
Barneys was sold last year to fashion licensing company Authentic Brands Group and financial firm B. Riley for $271.4 million.
Last year, Authentic Brands said it planned to turn the Madison Avenue store into a location for pop-up businesses, bringing together a group of boutiques as well as art and cultural installations. Authentic Brands says it will license the Barney's New York name to Saks Fifth Avenue with plans to reboot Barneys New York on Saks Fifth Avenue's fifth floor. Saks will also launch Barneys New York shops in various stores in key markets in the U.S. and Canada.