Barneys New York Inc’s flagship Madison Avenue outlet in Manhattan will remain open for at least another year in a slimmed-down form while the buyer of the luxury retailer’s brands negotiates with the store’s landlord.
Almost three months after Barneys declared bankruptcy, Authentic Brands Group announced on Friday that it has finalized its purchase of the department store retailer and laid out its future plans for the company.
Hudson’s Bay Co shareholder Catalyst Capital Group Inc has opposed an agreed deal by the struggling Canadian department store operator with a group led by executive chairman Richard Baker to be taken private.
Despite disruption in Hong Kong, Kering recorded a positive Q3 with revenue up by 14%, driven by strong performances by Gucci, Bottega Veneta and Saint Laurent, as the luxury group’s share price soared last Friday.
Luxury retailer Barneys New York is close to being sold to licensing firm Authentic Brands Group after a competing bid from a trade show executive failed to qualify for a bankruptcy auction, sources have told Reuters.
Israeli businessman Samuel Ben-Avraham said on Wednesday he has submitted an offer for Barneys New York, challenging a $271 million bid for the bankrupt luxury department store from Authentic Brands Group.
The Canadian owner of Saks Fifth Avenue announced on Monday that, following an extensive review process, it has entered into a definitive agreement with a group of shareholders to take the company private.
U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed.
U.S. luxury department-store chain Barneys New York is nearing a roughly $270 million deal with brand developer Authentic Brands Group that could lead to Barneys shops opening in Saks Fifth Avenue stores.