Barneys New York will close up store on Feb. 23 — and this time it’s for fantastic.
In the bankrupt luxury icon’s hometown, 719 workers will get rid of their work as it shutters its flagship at 660 Madison Ave., its Chelsea shop at 101 Seventh Ave. and its outlet at Woodbury Prevalent in Central Valley, NY, in accordance to a federal government submitting on Thursday.
The 97-year-aged swanky retailer’s company workplaces at 575 Fifth Ave. also will near in 10 days, the filing mentioned. The company’s other remaining shops in Beverly Hills, Calif. and San Francisco also will near Feb. 23.
At a Thursday early morning assembly, Barneys administration explained to staffers that they would receive 5 weeks of severance shell out if they have labored for the business for two decades or more time.
Longtime veterans will not be paid out more than newcomers, nor will anybody get accrued trip time, a gross sales associate who attended the conference advised The Put up.
It is the initially time staffers learned that they would receive any severance at all given that the organization submitted for Chapter 11 on Aug. 6, the staff claimed, introducing, “We had been expecting practically nothing.”
Numerous staffers also will be advised to pack up forward of Feb. 23, administration said.
Bargain hunters at the Madison Avenue flagship have currently been confronted with garish, orange-and-yellow signals hawking bargains that appear more like something out of Sears or Kmart than a luxurious retailer.
Although sweaters, scarves and purses are acquiring offered out of bins, racks and shelves are either mostly picked in excess of or empty. Retailer fixtures together with chairs and display screen tables are also marked with cost tags.
“Good get, then Goodbye! 90% off least expensive ticketed price tag!,” blared a person signal about a lonely smattering of boots and flats in the footwear segment.
“Nothing held back again,” mentioned yet another that was pinned around a nook littered with plastic bins complete of toiletries.
Meanwhile, Saks Fifth Avenue options to open up Barneys boutiques inside of its individual division suppliers nationwide in September, resources explained to The Publish.
At the end of past year, Saks started operating Barneys’ e-commerce web-site, which is marketing Saks Fifth Avenue items for now less than the Barneys banner.