Authentic Brands, B.Riley bid $271M for Barneys

Dive Brief: Authentic Brands Group (ABG) has teamed with financial firm B. Riley to buy Barneys’ assets for approximately $271.4 million in cash , according to a filing with the United States Bankruptcy Court in the Southern District of New York. The so-called stalking horse bid precludes the scheduled auction later this month unless a higher bid comes in. Bids are due Oct. 22, and if any qualify, an auction will be held Oct. 24.A group led by entrepreneur Sam Ben-Avraham is reportedly interested, but has encountered difficulty assembling the needed financing, according to news reports. The proposal entails the closure of seven Barneys stores: two in New York City, one in Central Valley, New York, three in California (Beverly Hills, San Francisco and Livermore), and one in Boston, the documents show. The stores closing include all five full-price Barneys stores and two listed as outlets. Another 15 stores in eight states are not part of the deal, according to the filing. Tracking the impact of digital marketing sales in the real world has always been a guessing game. Find out how Walk-Through Marketing closes the gap, enabling you to connect digital efforts and in-store outcomes. Learn more Dive Insight: If Authentic Brands Group’s ultimate plans are to tie the Barneys brand to Saks Fifth Avenue, as the Wall Street Journal continues to report, the beleaguered department store’s brand would live on in its New York City hometown, and elsewhere Saks operates. Barneys and ABG did not immediately return Retail Dive’s request for comment about the deal on the table. B. Riley said in a statement emailed to Retail Dive: “B. Riley Financial and our affiliates are pleased to work with ABG in support of preserving the value of Barneys New York and its […]