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Rescue Plan Sets Up “Stalking Horse” Bid for Barneys
All remaining Barneys New York stores, including the Madison Avenue and Beverly Hills flagships, would close under a tentative agreement with a partnership of Authentic Brands and B. Riley Financial. The $271.4-million deal would avert a complete liquidation of the New York-based luxury clothing retailer, which filed for bankruptcy protection in August.
The agreement with Authentic Brands, which owns the Nine West and Aeropostale brands, sets up a “stalking horse” bid. Interested parties would have until Oct. 22 to come up with a better offer.
As previously reported, the agreement with Authentic Brands would entail opening Barneys shops in 41 Saks Fifth Avenue locations. It’s also possible that Authentic Brands could keep some stores open, depending on the outcome of talks with landlords, MarketWatch reported.
Barneys is “actively pursuing” additional options, including a potential bid from a group led by Sam Ben-Avraham, according to MarketWatch.
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- ◦Sale/Acquisition
