Authentic Brands buys the troubled Barneys
As Barneys New York wades through bankruptcy, Saks Fifth Avenue and Authentic Brands have partnered to bid almost $270 million to buy the luxury specialty retailer.
Saks Fifth Avenue is teaming up with Authentic Brands Group to acquire Barneys out of bankruptcy
Stocks impacted: Barneys New York Inc (BNY), Authentic Brands Group (ABG)
Under the offer, Authentic Brands would license the Barneys name to Saks Fifth Avenue, which is in discussions to open Barneys departments in some of its stores and take over Barneys’ website. As a reminder, the U.S. luxury department-store chain filed for bankruptcy protection in August, citing rent hikes as a factor in its decision. Barneys has already closed 15 of its 22 stores. Without an offer from Authentic Brands, Barneys faced winding down its business entirely.
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