The deal is done, here's everything that led up to Barneys being acquired by Authentic Brands Group:
Author:Dhani MauPublish date:Nov 1, 2019On Friday morning, Authentic Brands Group officially became the new owner of Barneys New York in a $271 million deal that is expected to result in the closure of most if not all stores.
It gets financing to buy some time, but closes some storesOn the same day it filed for bankruptcy, Barneys secured a $218 million lifeline from Brigade Capital Management, $75 million of which it was granted immediate access to. As part of that deal, it closed five stores and seven off-price Warehouse locations, leaving five locations — including Madison Ave and Beverly Hills — open alongside its e-commerce channels Barneys.com and Barneyswarehouse.com.
Another bidder emerges with hopes of saving BarneysShortly thereafter, Ben-Avraham launched a public campaign to raise the capital needed to make a bid for Barneys, making a plea on the now-defunct site SaveBarneys.com promising "a solution that doesn't involve mass layoffs and store closures." Others who were reportedly still putting together bids in late October included Steve Madden and former Istithmar CEO David Jackson.
The court approves ABG's bid, but it's not set in stoneThis did not happen, however. Ben-Avraham's bid was ultimately too low to qualify. On Oct. 31, the bankruptcy court approved ABG's $271 million bid, with the sale expected to close at 10 a.m. the following day. Barneys creditors also resisted ABG's bid in support of the chain's many retail and distribution center workers who would lose their jobs if said bid went through.
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