Barneys to close stores including flagship location
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. ■