Barneys New York has accepted a bid from an international brand development and marketing company after filing for bankruptcy in the summer.
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.”
ABG said Barneys was “renowned for its discerning edit from the world’s top designers, paired with a unique shopping experience” and would “leverage its international scale, marketing expertise and network” to make Barneys a “global luxury retailer and lifestyle brand”.
The 12 Barneys stores in Japan will remain open, and ABG plans to grow the brand’s presence in Asia.
Barneys New York has been limping along since the summer, when it was handed an extra £118m by investment management firm Brigade Capital and a financial services company after filing for Chapter 11 Bankruptcy.
In the US, department stores are grappling with rising rents, changing consumer habits and a shift to online shopping.
Barneys blamed the challenging retail backdrop and “excessively high” rents for its collapse.
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