According to The Wall Street Journal, Authentic Brands Group (New York) and B. Riley Financial Inc. (Los Angeles) have reached a deal to purchase Barneys (New York) for around $271million USD.
Hypebeast reports that the bid is currently considered a “stalking horse” bid, which means it could be outbid by another interested party by Oct. 22. WSJ reports Authentic Brand’s plan is to license the Barneys’ name to Saks Fifth Avenue (New York). Saks has reportedly expressed interest in opening Barneys activations within its stores, as well as running the Barneys website.
“We are encouraged by the strong buyer interest and recognition of the value in the Barneys’ assets and brand name,” said Chief Executive Officer Daniella Vitale, Barneys.