New York just isn't the same without that specific scent of expensive leather and Santal 33 wafting through the revolving doors on Madison Avenue. If you spent any time in Manhattan during the last thirty years, you know the feeling. Barneys New York wasn't just a store; it was a clubhouse for people who thought they were too cool for the stuffy hallways of Bergdorf Goodman but too rich for the chaos of Macy’s.
It’s gone now. Mostly.
Walking past the old 660 Madison Avenue flagship today is a trip. The windows that used to house Simon Doonan’s legendary, provocative holiday displays are empty or replaced by something far less interesting. It feels wrong. People keep asking if it's ever coming back, or if the "Barneys at Saks" experiment actually counts. The truth is a lot messier than a simple bankruptcy filing. It’s a story about greed, soaring Manhattan rents, and a total shift in how we buy clothes.
The Rise and High-Fashion Snobbery of Barneys New York
Fred Pressman once said that he didn't want to sell to everyone. He was right. Originally, Barneys was a discount suit shop started by Barney Pressman in 1923. He famously pawned his wife’s engagement ring to pay for the lease. Can you imagine that? A man pawning jewelry to sell cut-rate men's clothing on 17th Street and Seventh Avenue. By the time his son Fred took over, the "discount" part was dead. Fred had a taste for the European avant-garde. He brought Giorgio Armani to America. He discovered brands before they were brands.
The move to Madison Avenue in 1993 was the turning point. It cost $100 million. It was a palace of glass and spiral staircases. It was where you went to see and be seen at Freds (the restaurant, not the guy). You’d sit there, eating a $30 chopped salad, and realize you were sitting three tables away from Mary-Kate Olsen or Sarah Jessica Parker.
But that's the thing. Barneys cultivated an image of "cool" that was incredibly fragile. They weren't just selling a Prada bag; they were selling the idea that you were part of an elite group of "insiders." If you didn't look the part, the sales associates—known for their legendary, sometimes icy indifference—might not even look at you. It was mean-girl energy in retail form, and weirdly, we all loved it for a while.
Why the Madison Avenue Dream Collapsed
Money. It always comes down to the rent.
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In 2019, the rent at 660 Madison Avenue spiked from about $16 million a year to a staggering $30 million. Think about that. You have to sell a lot of Dries Van Noten sweaters just to keep the lights on when your landlord is asking for $30 million before you even pay a single employee. The landlord, Ashby Real Estate Trust, wasn't budging.
Barneys filed for Chapter 11 bankruptcy. It wasn't their first time—they’d struggled in the 90s too—but this felt different. The retail landscape had shifted. Why would a 25-year-old fashionista deal with a snooty clerk in Midtown when they could order the same Balenciaga sneakers from Net-a-Porter while sitting in their pajamas?
- The Private Equity Problem: Various owners, including Perry Capital and later Authentic Brands Group (ABG), had different visions.
- The Debt: They were carrying way too much of it.
- E-commerce: They were late to the game, and when they arrived, the site never felt as "magical" as the physical store.
Authentic Brands Group eventually bought the name for $271 million. They didn't want the stores. They wanted the intellectual property. This is the modern tragedy of American retail. A brand becomes a "ghost," a name that gets licensed out to the highest bidder while the soul of the institution is gutted.
The Saks "Shop-in-Shop" Era: Is it Actually Barneys?
If you go to Saks Fifth Avenue now, you’ll see "Barneys New York" signs on the fifth floor. Honestly? It’s a bit depressing. It's like seeing a once-great rockstar playing a residency at a suburban bowling alley.
The partnership between ABG and Saks was meant to keep the name alive. It’s a "store-within-a-store" concept. They try to curate it with that same edgy, Barneys-ish vibe. They brought back some of the buyers. They even tried to replicate the famous Freds restaurant menu in some locations.
But the vibe is off.
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The original Barneys was a destination because it felt independent. It felt like a curated gallery. When you put it inside a larger department store like Saks, it just feels like another department. The "curation" feels safer. Less risky. The grit is gone.
The Cultural Impact That Won’t Quit
Despite the physical stores being dead, the Barneys New York aesthetic still dictates a lot of what we see in fashion today. They were the ones who told us that it was okay to mix high-end luxury with street style. They championed the "Belgian shoes" look. They made the "man bag" a thing in the US way before it was mainstream.
And then there's the Chelsea store. For a brief moment, Barneys returned to its roots on 7th Avenue with a smaller, stunning store featuring a massive white spiral staircase. It was beautiful. It was short-lived. It closed during the 2020 liquidation, marking the final end of an era for downtown Manhattan luxury.
We should talk about the racial profiling scandals too. It’s a dark part of the history. In 2013 and 2014, the store faced massive backlash and lawsuits regarding "shop and frisk" incidents involving Black customers. It pulled back the curtain on the "exclusivity" the brand touted. It showed that for some, the Barneys experience wasn't about glamour; it was about being followed around by security. It was a PR nightmare that they never truly recovered from in terms of cultural standing with a younger, more socially conscious generation.
How to Capture the Barneys Vibe Today
Since you can't go to the Madison Avenue flagship anymore, how do you find that specific New York energy? You have to look at the boutiques that are doing what Fred Pressman did in the 70s.
- Dover Street Market: This is arguably the true spiritual successor. It’s chaotic, artistic, and features brands you’ve never heard of alongside Gucci.
- Kith: For the younger crowd, Ronnie Fieg has built a retail empire that mimics the "drop" culture and exclusivity Barneys once owned.
- The RealReal: If you want actual vintage Barneys-era pieces, the resale market is thriving. Look for the black-and-white labels from the early 2000s.
The era of the massive, 10-story luxury department store is dying. We’re moving toward smaller, more intimate "concept" spaces. Barneys was simply the biggest, most glamorous casualty of that shift.
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What to Do Now if You Miss the Store
If you’re a die-hard fan, there are a few ways to scratch the itch.
First, check out the Barneys at Saks locations if you’re in New York or Greenwich. It’s not the original, but the buyers are genuinely trying to maintain that "edgy" edit of designers like Thom Browne and Maison Margiela.
Second, look for the book Barneys New York by Christopher S. Potash. It’s a coffee table book that chronicles the history of the store's advertising and window displays. It’s the best way to remember what the store looked like in its prime without having to look at a "For Lease" sign on Madison Avenue.
Third, follow the former creative directors and buyers on social media. People like Marina Larroudé (who now has her own successful shoe line) and the legendary Simon Doonan. They carry the DNA of that era.
Finally, support the small, independent boutiques in Soho and the West Village. The reason Barneys became great was that it supported independent designers before they became corporate giants. Finding a small shop where the owner actually curates the rack is the most "Barneys" thing you can do in 2026.
The building at 660 Madison might be getting converted into office space or high-end condos—the rumors change every week—but the idea of Barneys, that specific New York mix of arrogance and artistry, isn't going anywhere. It’s just moved elsewhere.
Next Steps for the Fashion Obsessed:
- Visit Dover Street Market New York in Kips Bay to experience modern avant-garde retail.
- Search for Vintage Barneys New York on sites like Grailed or Vestiaire Collective to find archival pieces from the 90s.
- Explore the Saks Fifth Avenue flagship’s top floors to see how the brand name is being utilized in its current licensed form.