It’s D-Day for Barneys New York — and, potentially, the entire high fashion retail world.

On Thursday, in a hearing that saw pleas for a last-minute postponement and predictions of devastating consequences, a bankruptcy court judge in Poughkeepsie, N.Y., approved the sale of the famed retailer, though it will not be finalized until Friday. It’s a decision that could have repercussions far from the corner of 61st and Madison in Manhattan — and not just because Barneys’ flagship store may well disappear if Authentic Brands Group, whose bid has been accepted, is officially anointed the new owner.

[Update: Barneys New York's closing sales have started.]

Authentic Brands’ plan involves potentially untying the intellectual property of Barneys — its name and brands — from its assets. That means the Barneys name would be licensed to Saks Fifth Avenue and the retailer’s inventory would be handed over to B. Riley, the financial firm with a robust liquidation business. All of its stores could close.

“I think we can all agree this is a very sad day,” the judge, Cecelia G. Morris, said at the end of the hearing.

If the $271 million bid from Authentic Brands and B. Riley officially goes through on Friday, the result could be eye-popping liquidation sales of luxury goods like handbags and dresses at all seven Barneys locations, perhaps starting as soon as this weekend. That would put a surfeit of discounted merchandise in the major fashion markets of New York and Los Angeles just as the holiday shopping season arrives — and long before other stores and brands put similar goods on sale.