The US department store, which filed for bankruptcy in August, has reportedly accepted a bid from Authentic Brands Group (ABG), a marketing and entertainment company, but according to US media reports is holding out hope for rival bidders to come in.

In a statement, ABG said it had acquired all of Barneys intellectual property and outlined plans to “evolve” the brand, including licensing its name to Saks Fifth Avenue for use in the US and Canada.

Founder and chief executive of ABG Jamie Salter said: “We are thrilled that our offer for Barneys has been accepted. Barneys is one of the most recognisable and iconic names in luxury lifestyle, and we see an incredible opportunity to extend the brand’s equity in current and new markets around the world.”