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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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).