Report: Barneys may have pick of suitors
At least five companies are reportedly trying to purchase bankrupt luxury retailer Barneys New York.
According to Footwear News, New York City-based brand management company Authentic Brands Group (ABG) may be among the five unconfirmed suitors attempting to purchase Barneys before it goes into court-ordered liquidation on Oct. 24, 2019. ABG CEO and co-founder Jamie Salter has previously confirmed to Footwear News that his company has interest in purchasing Barneys.
Citing a report in Bloomberg, the article also states that four other interested parties likely include “an investment firm with previous holdings in the retail sector,” and two unnamed suitors who want to buy all of Barneys’ assets.
Barneys filed for Chapter 11 bankruptcy protection in August 2019, in a move designed to give it time to restructure its debts and continue operating while it looks for a buyer. As part of the plan, the 96-year-old fashion-forward luxury retailer will shutter its stores in Chicago, Seattle and Las Vegas and Seattle, along with five smaller format stores and seven Barneys Warehouse locations.