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Barneys to close stores including flagship location

Christian Fernsby |
Barneys New York reached a $271 million deal with Authentic Brands that would help the troubled retailer stave off total liquidation and avoid low bids in a court auction.

Topics: BARNEYS    STORE   

All seven stores, including its flagship location on Madison Avenue and store in Beverly Hills, would be closed as part of the restructuring plan, the Wall Street Journal reported.

Authentic Brands, which owns brands including Nine West and Aeropostale, in a partnership with Saks Fifth Avenue, reached a “stalking horse purchase agreement” to buy Barneys on Wednesday, The Associated Press reported. A stalking horse purchase agreement is a deal in which an entity such as Barneys selects the buyer in an attempt to avoid low bids as part of a court auction.

Barneys can conduct an auction until Oct. 24. If there are no further bids, Barneys will pursue the agreement with Authentic Brands.

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