Barneys to close stores including flagship locationChristian Fernsby ▼ | October 18, 2019
Barneys New York reached a $271 million deal with Authentic Brands that would help the troubled retailer stave off total liquidation and avoid low bids in a court auction.
America Barneys New York
Topics: Barneys store
Authentic Brands, which owns brands including Nine West and Aeropostale, in a partnership with Saks Fifth Avenue, reached a “stalking horse purchase agreement” to buy Barneys on Wednesday, The Associated Press reported. A stalking horse purchase agreement is a deal in which an entity such as Barneys selects the buyer in an attempt to avoid low bids as part of a court auction.
Barneys can conduct an auction until Oct. 24. If there are no further bids, Barneys will pursue the agreement with Authentic Brands. ■