UPDATE: Barneys New York Is Still up for Bids
The sale officially closes on November 3.
UPDATE (October 25, 2019 ): According to the official timeline for Barneys New York’s sale provided by the Fashion Law Institute, documents state that the last date for any counter-bidders, including Sam Ben-Avraham’s $260 million USD against Authentic Brand Group’s $271.4 million USD, will be October 29. The sale will then be approved during a hearing on October 31 followed by the closure of the official sale on November 3.
However, reports indicate that Barneys holds all the rights to push back the hearing date making it a possibility for the company to prolong the sale. Stay tuned as we wait for further details to emerge.
Back in August, Barneys New York had to file for bankruptcy and announced the closure of 15 stores across the state. On October 24, the New York Post reported that the luxury retailer has now officially been sold to a licensing firm called Authentic Brands Group “after several last-minute rival bidders failed to gain approval.”
The auction that was supposed to be scheduled for October 28 has reportedly been canceled due to Barneys rejecting the only other competing bidder, Ben-Avraham, who submitted a bid of $260 million USD. Authentic Brands Group has acquired Barneys for $271.4 million USD and the department store will soon commence liquidation sales at its remaining stores, with the exception of its Boston location.
Barneys has not yet released an official statement, so stay tuned while we wait for more details to surface. In case you missed it, Forever 21 filed for bankruptcy last month.
