New York (AFP)

The New York department store Barneys, historical reference American fashion, should close most of its banners as part of a recovery plan validated Thursday, a new episode of the crisis of department stores.

When it filed for bankruptcy in early August, the group had already announced the closure of three department stores and 12 smaller outlets, factory outlets and concept stores.

Barneys lawyer Josh Sussberg confirmed to AFP that a federal judge in Manhattan had adopted a plan to buy $ 271 million from Authentic Brands Group (ABG), a specialty the repurchase of brands in difficulty.

A spokeswoman for ABG confirmed the decision to AFP, saying that the transaction would be finalized Friday.

"There is still a possibility that some stores remain open, but it is likely that five outlets are closing, as well as the distribution center, and that thousands of jobs are disappearing," said Josh Sussberg of Kirkland & Ellis .

Barneys now only has five department stores, including the most prestigious on Madison Avenue, as well as a few outlet stores.

"We are still discussing with other groups that would support a recovery of activity to keep all stores open," said Barneys' lawyer.

Founded by businessman Barney Pressman in 1923, Barneys was originally an inexpensive brand, offering discounted male designer clothing.

The son of the founder, Fred Pressman, transformed the identity of the department store from the late 1950s to the point of embodying the luxury of American dress.

By making sharp choices and highlighting European designers, he helped shape the modern New York style.

"A discreet black bag Barneys says more about someone than his shoes or his address," wrote Jennifer Steinhauser of the New York Times in 1996, after the death of Fred Pressman.

Barneys is not the first department store to pay the price of fast fashion and the rise of online commerce.

Lord & Taylor was bought in August by the Le Tote subscription clothing rental specialist, and had already closed its flagship store in early January.

In September 2018, the L Brands group announced the closure of Henri Bendel luxury stores, including the most prestigious, located on the famous 5th Avenue.

© 2019 AFP