The saga of Barneys New York and the open question of its future is drawing closer to a conclusion
On the floor at Barneys’ Madison Avenue store in October. Photo: Devin Yalkin . On Thursday, a bankruptcy judge approved the sale of Barneys New York, Inc. to the licensing company Authentic Brands Group, which, with its partner B. Riley Financial, submitted a $271.4 million bid for Barneys.
ABG’s plan, as outlined in its bid, would close most Barneys stores and license its IP to Saks Fifth Avenue, allowing the Barneys brand to live on in some form in Saks stores — a prospect that has been met with mixed reviews. Assuming the deal does close as planned, liquidation sales of merchandise could begin shortly at Barneys’ stores.
But ABG’s competitors for Barneys say they haven’t given up yet. Technically, though the deadline for rival bids was October 31, and Judge Cecelia G. Morris declined a formal extension, a rival bid may be entered before the deal closes on Friday. Sources said that Sam Ben-Avraham, the trade-show owner and fashion investor whose “Save Barneys” campaign has been a sentimental favorite among store employees and many in the industry, hasn’t given up yet and is still working to secure a bid. But the New York Post reported on Monday that two of Ben-Avraham’s backers, investor Andrew Rosen and Ron Burkle’s Yucaipa Companies, dropped out last week. Eitan Braham, a representative for Ben-Avraham, declined to comment on his plans or his backers.
David Jackson, chairman of the Aspen- and Dubai-based luxury-investment firm Solitaire, who has been hoping to mount a bid with backers including the Saudi fragrance retailer Arabian Oud, said on Thursday afternoon: “We are still working on submitting something more concrete tomorrow before 10 a.m. At this hour, I don’t know how to handicap that but we are doing our level best.”
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Selena Gomez Rocks 4 Outfits in 1 Day -- Get Her Looks for Less!See the fall-tastic ensembles the 'Lose You to Love Me' singer wore back to back and shop her looks.
Lire la suite »
4 Looks That Get Us Excited for Boot SeasonBrittany Xavier shows us how to style four pairs of boots with different looks.
Lire la suite »
16 of Meghan Markle's Most Practical Mom LooksMeghan's not a regular mom; she's a cool mom.
Lire la suite »
AMD looks like a bright star in a darkened chip sectorAdvanced Micro Devices Inc. rode the success of new chips to its best quarterly results in years on Tuesday, making it the shining star of a semiconductor...
Lire la suite »
5 Classic Halloween Looks, Made Magically ModernFrom an ethereal clown to a pretty zombie, makeup artist Grace Ahn transforms five models into characters fit for spooky season.
Lire la suite »
Blac Chyna looks almost unrecognisable as she debuts new blonde hairstyleThe model turned reality TV star, 31, is usually seen sporting raven locks, but has made the move to blonde
Lire la suite »