×
80 322
Fashion Jobs
FOOT LOCKER
Overnight Assistant Operations Manager
Permanent · Greensboro
BATH & BODY WORKS
Buyer Procurement
Permanent · Columbus
BATH & BODY WORKS
Senior Procurement Manager, Information Technology
Permanent · Columbus
BATH & BODY WORKS
Senior Buyer, IT Procurement
Permanent · Columbus
BATH & BODY WORKS
Maintenance Manager
Permanent · Columbus
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Crestwood
KOHLS
Category Sales Account Manager - Kohl's Media Network *Remote*
Permanent · Menomonee Falls
KOHLS
Manager, Category Account Sales - Kohl's Media Network *Remote*
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Associate
Permanent · Findlay
KOHLS
Product Manager ii
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Albuquerque
KOHLS
Compliance Analyst
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Albuquerque
KOHLS
Full-Time Loss Prevention Officer
Permanent · Deer Park
KOHLS
Full-Time Loss Prevention Officer
Permanent · Silver Spring
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Parker
L'OREAL GROUP
l'Oreal Vice President, Data, CRM & Loyalty
Permanent · New York
OLD NAVY
General Manager - Butler Plaza West
Permanent · Gainesville
NORDSTROM
Asset Protection - Agent - Del Amo Fashion Center
Permanent · Torrance
NORDSTROM
Asset Protection - Agent - Northgate Rack
Permanent · Seattle
NORDSTROM INC
Learning & Leadership Manager, Supply Chain - Hybrid
Permanent · Seattle
NORDSTROM INC
Area Manager Warehouse Wcoc -Riverside, ca
Permanent · Riverside
By
Reuters
Published
Oct 17, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Barneys enters deal to sell assets to Authentic Brands, B. Riley for $271 million cash

By
Reuters
Published
Oct 17, 2019

U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed.




The deal comes as a “stalking horse purchase agreement”, with the price estimated to be about $271.4 million in cash, according to the court filing on Wednesday in the U.S. Bankruptcy Court in Poughkeepsie.

A “stalking horse” bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company.

Any further bids must be received before a deadline on Oct. 22, according to the filing. In the absence of further bids by the deadline, the company will go ahead with the deal with Authentic Brands and B. Riley.

If it receives a bid before the deadline, Barneys may conduct an auction until Oct. 24.

Reuters reported on Monday that Barneys, which filed for bankruptcy protection in August citing rent hikes as a factor, was nearing a deal with Authentic Brands that could lead to Barneys shops opening in Saks Fifth Avenue stores.

Barneys is encouraged by the agreement but is also “actively pursuing” additional options, the Wall Street Journal reported on Wednesday, citing a company spokeswoman.

Authentic Brands could possibly keep some Barneys stores open based on talks with landlords, the Journal reported, citing a source.

A group led by fashion executive Sam Ben-Avraham has explored a bid for Barneys and was continuing to work on a potential deal that envisions keeping many of the retailer’s current stores open, a source told Reuters on Monday.

Barneys is one of the most high-profile victims of the downturn in retail, and underscores how even luxury department stores are not immune from fierce competition with e-commerce firms such as Amazon.com Inc.

Sears Holdings Corp, Toys “R” Us Inc and Gymboree Group Inc have also filed for bankruptcy in the last two years.

Without an offer, Barneys faced winding down its business entirely.

The company made its name in the 1930s by placing women dressed in barrels outside beer halls in New York City, where they handed out matchbooks advertising the store, according to the retailer’s website.

The store, now known for exclusive apparel made by designers such as Burberry Group Plc, began as a destination for middle-class families. It transitioned to luxury fashion in the 1960s.

© Thomson Reuters 2022 All rights reserved.