After a contentious three-month auction process, Authentic Brands Group and B. Riley Financial Inc. are the new owners of Barneys New York, in a deal that will see most of the struggling luxury retailer's remaining stores close and its name licensed to rival Saks Fifth Avenue.

As part of its plan to monetise Barneys' intellectual property, ABG will close remaining stores and sell off the inventory. In addition to storewide sales, the retailer will offer private sales events to its most loyal customers.

Barneys filed for Chapter 11 bankruptcy protection in August, after losing a rent dispute with its Madison Avenue flagship landlord, Ben Ashkenazy. The arbitration ruling resulted in a 72 percent hike in rent, from $16.2 million annually to $27.9 million, which went into effect in January.

read BOF article: It's Official: Barneys New York's New Owner Is Authentic Brands Group