The investor’s offer includes keeping five of the company’s stores, including those on Madison Avenue and Beverly Hills.
New offer for Barneys. The investor San Ben-Avraham has offered 260 million dollars to take over the American department stores, according to WWD. San Ben-Avraham’s offer includes keeping five of the company’s stores open, including the Madison Avenue and Beverly Hills stores, as well as the group’s distribution facility in New Jersey.
Barneys will now take the proposal to its creditors committee to evaluate if it qualifies for the auction scheduled to take place on Monday. If it did, it'll have to compete with the 271.4 million stalking-horse bid made by Authentic Brands Group.
The ABG 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. Founded in 1923 in New York, Barneys is one of the historic department stores of the city.