Judge approves Barneys sale to Authentic Brands but…..
The saga of Barneys New York is almost at its end.
With no other competing bid, a bankruptcy court judge on Thursday approved Barneys New York’s sale to Authentic Brands Group (ABG) and B. Riley Financial Inc. for $271.4 million. ABG, which specializes in brand licensing, has given off signs that it plans to close the fashion-forward luxury retailer’s remaining stores, including its Manhattan flagship, and license the name to Saks Fifth Avenue.
However, the bid schedule formally closes Friday morning, Nov. 1, so there is the possibility that a new bid could come in. Barneys held out hope in a statement it released after the judge approved the sale.
"Earlier today, the court approved the sale of Barneys New York to Authentic Brands Group, in partnership with Saks,” Barneys stated. “ Importantly, the sale has not concluded and other bidders can still come forward before tomorrow's closing. Over the past several months, we have worked diligently with the court, our lenders and creditors to maximize the value of Barneys in this sale process, and we continue to work with all relevant parties towards the best solution for Barneys' employees, designers and vendors, and customers."
Barneys filed for bankruptcy protection in August 2019.