Now that Barneys New York has been purchased by Authentic Brands Group in a $271 million deal, the company has begun liquidation sales at its stores. The “transition sales” have already begun at its remaining stores, offering a reported 5 or 10 percent off merchandise.

According to the Barneys website, select loyal customers will have first access to another sale, which is thought to offer a greater discount on items. The liquidation sale will run through February, which Barneys expects most of its merchandise to be sold over the holiday season.

“This is a once-in-a-lifetime opportunity for its most loyal customers to buy items that rarely go on sale at markdown prices,” Scott Carpenter, president of Great American, the firm handling Barneys’ liquidation, said in a statement. “We encourage shoppers to visit their nearest Barneys location to take advantage of this sale before this highly exclusive merchandise sells out.”

Stores that will be holding liquidation sales include Barneys’ stores at Madison Avenue, Downtown New York, Beverly Hills and San Francisco, California, and Copley Place in Boston. Liquidation sales will also be occurring at Barneys Warehouse stores located at Woodbury Common in Central Valley, New York, San Francisco Premium Outlets in Livermore, California.

All sales are final with items purchased before Nov. 1 to be returned no later than Thursday and any purchase that was made after Oct. 31 to be returned no later than Nov. 15. All purchases made after Nov. 15 are final. Also, Barneys gift cards must be used by Thursday.

Authentic Brands Group will keep Barneys’ Madison Avenue store open over the next year as an experimental pop-up store while bringing the Barneys brand to Saks Fifth Avenue, WWD reported. Barneys filed for Chapter 11 bankruptcy in August.

Barneys New York flagship A view of the exterior of the building as Barneys New York. Barneys has become the first major U.S. retailer to sell marijuana and marijuana products. Photo: Nicholas Hunt/Getty Images