×
42 503
Fashion Jobs
RALPH LAUREN
Polo Factory Store - Store Selling Manager
Permanent · Johnson Creek
RALPH LAUREN
Polo Factory Store - Store Selling Manager
Permanent · Branson
COTY
Senior Manager, Performance Digital Media Marketing
Permanent · New York
A & F
Regional Manager of Asset Protection
Permanent · San Francisco
ULTA BEAUTY
Retail Operations Manager-Parkside West Cobb
Permanent · Marietta
ULTA BEAUTY
Retail Sales Manager-The Promenade at Brentwood
Permanent · Brentwood
ULTA BEAUTY
Prestige Sales Manager-The Shops at Fox Valley
Permanent · McHenry
ULTA BEAUTY
Prestige Sales Manager-Park Lane
Permanent · Dallas
ULTA BEAUTY
Prestige Sales Manager-Johnstown Plaza
Permanent · Johnstown
ULTA BEAUTY
Prestige Sales Manager-Augusta Exchange
Permanent · Augusta
ULTA BEAUTY
Retail Operations Manager-Barracks Road Shopping Center
Permanent · Charlottesville
ULTA BEAUTY
Salon Manager-Tyler Gateway
Permanent · Riverside
ULTA BEAUTY
Retail Operations Manager-Riverchase Promenade
Permanent · Hoover
ULTA BEAUTY
Retail Sales Manager-Guilford Commons
Permanent · Guilford
ULTA BEAUTY
Retail Sales Manager-Magnolia Square
Permanent · San Ramon
ULTA BEAUTY
Retail Operations Manager-Pacheco Pass Center
Permanent · Gilroy
ULTA BEAUTY
Retail Operations Manager-Temecula
Permanent · Temecula
ULTA BEAUTY
General Manager-Kpc Towne Center
Permanent · Hemet
ULTA BEAUTY
Prestige Sales Manager - Lewis Crossing
Permanent · Conway
ULTA BEAUTY
Salon Manager-Triangle Center
Permanent · Longview
ULTA BEAUTY
Retail Operations Manager-Holly Springs Towne Center
Permanent · Holly Springs
ULTA BEAUTY
General Manager-Goucher Commons
Permanent · Towson

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

By
Reuters
Published
today Oct 17, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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 2020 All rights reserved.