Report: Barneys’ brick-and-mortar future may be doubt
It’s looking as if a brand licensing company will buy bankrupt Barneys New York.
Authentic Brands will be the likely winner in an auction for the luxury department store retailer, reported CNBC, after a deal led by a retail investor fell flat in court.
Authentic Brands is planning to buy Barneys’ intellectual property for $271 million, the report said. However, the deal does not guarantee that any of Barneys’ remaining stores would stay open, or that the company does not liquidate entirely. Investor Sam Ben-Avraham has until Oct. 31 to come up with a more viable offer.
“Barneys is continuing to work towards a value-maximizing going-concern transaction, including in relation to a potential transaction led by Sam Ben- Avraham and his group of financial, operational, and strategic partners, up to and including the Oct. 31 sale hearing," a Barneys spokesperson said in a statement provided to CNBC.
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