The American luxury retailer has reached an agreement with Authentic Brands Group as well as B. Riley, one of its financial lenders.
Barneys sets a baseline for competing offers. The American luxury retailer has reached a 271.4-million-dollar stalking-horse agreement with Authentic Brands Group and with B. Riley, one of its financial lenders, as stated by WWD.
The deal sets the baseline for an auction that will take place in New York on October 24, where the company may ask the New York bankruptcy court to oversee the needed measures to approve the sale of the group, stated the company in a press release.
The deal involves all of Barneys assets, and it may include leases. The plans of the Authentic Brands Group would include the American luxury online business and licensing the Barneys name to Hudson’s Bay.
Plans for the other suitors remain unknow, as Barneys could at last reach its deadlines with debtor-in-possession Brigade Capital Management and B. Riley Financial, so they could avoid possible liquidation.
“Today’s development is a positive step forward for Barneys, and a strong recognition of the value of Barneys’ assets and brand name,” stated the company thought a statement. “We are encouraged by the stalking-horse bid by Authentic Brands Group in partnership with Saks Fifth Avenue.”