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Authentic Brands, Saks May Partner to Salvage Barneys
Authentic Brands Group LLC is in talks to buy luxury chain Barneys New York Inc. for $268 million and open 41 Barneys shops in Saks Fifth Avenue stores, Crain’s New York Business reported.
The plan would entail closing most existing and planned Barneys stores, including potentially the flagship Madison Avenue location. Authentic Brands would also open a freestanding Barneys in Greenwich, CT, as well as possibly other locations.
Citing rising rents, Barneys filed for bankruptcy in August with plans to close most of its stores, although not the flagship Madison Avenue and Beverly Hills locations.
Although Authentic Brands is one of a few bidders for Barneys, Hilldun CEO Gary Wassner also said he’s negotiating to salvage the bankrupt company.
“I’d like to play a part in saving the brand and some brick-and-mortar version of it, in some capacity,” Wassner, whose company provides financing to the fashion industry, told Crain’s.
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