Pedestrians pass in front of a Barneys New York retail location in Chicago.
Taylor Glascock | Bloomberg | Getty Images
Barneys New York, the iconic luxury chain, says a bankruptcy judge has approved the sale of its assets to fashion licensing company Authentic Brands Group.
The New York-based retailer said Thursday there's still a chance that rival bidders could come forward before the sale closes on Friday.
Under the deal with Authentic Brands, Barneys New York would likely close most of its stores. Authentic Brands has an agreement to license the Barneys name to Saks Fifth Avenue.
Barneys New York filed for Chapter 11 bankruptcy protection in August, the latest retailer to buckle as shoppers move online.
Authentic Brands couldn't be immediately reached for comment.