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Barneys Finds a Buyer, But Store Closings Still On The Table
The luxury retailer reached a tentative $271.4 million deal with licensing company Authentic Brands Group and investment bank B. Riley Financial.
Barneys has found a prospective buyer after filing for Chapter 11 bankruptcy protection in August, but its seven remaining locations may still close.
New York—Barneys New York Inc. has agreed to sell its assets to licensing company Authentic Brands Group and investment bank B. Riley Financial Inc. for $271.4 million in cash, according to court documents filed Wednesday.
Under the terms of the deal, the luxury chain’s seven remaining stores would close, including its New York flagship on Madison Avenue.
Sources told Reuters that Authentic Brands may license the name to Hudson’s Bay Co., the owner of Saks Fifth Avenue, to open Barneys shop-in-shops within the department store and allow HBC to operate the Barneys website.
However, The Wall Street Journal reported Wednesday that some Barneys locations will remain open if deals can be reached with landlords.
The deal is not final; it is a “stalking horse purchase agreement,” or a starting bid chosen by Barneys to avoid low bids.
Interested buyers still have until Oct. 22 to submit bids, with the auction closing Oct. 24., as per court documents.
If no other bids are placed, then Barneys will be sold to Authentic Brands Group and B. Riley.
New York-based Authentic Brand Group owns names such as Aeropostale, Juicy Couture, Neil Lane, and Nine West, as well as celebrity brands like Marilyn Monroe and Elvis Presley.
Los Angeles-based B. Riley Financial was one of the banks that floated Barneys $218 million in debtor-in-possession financing in August, giving the retailer the financial lifeline it needed to stay in business while it looked for a buyer.
Barneys filed for Chapter 11 bankruptcy protection Aug. 6 in New York amid soaring costs and declining sales.
A rent hike weighed heavily on the retailer’s balance sheet, nearly doubling the rent on its flagship to $30 million a year.
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