Barneys Bidding War Continues as Authentic Brands Sale Deemed False (UPDATE)

The “Save Barneys” movement still has time.

By
Fashion
11,999 Hypes 6 Comments

UPDATE (October 25, 2019 ): The Fashion Law Institute recently reached out to HYPEBEAST with an official timeline for the Barneys sale, as documented in the case’s pertinent court documents. According to the documents, the last date for any counter-bidders (including Sam Ben-Avraham) to object Authentic Brand’s $271.4 million USD stalking horse bid will be October 29.

On October 31, a hearing to approve the sale will be held, and November 3 marks the date of which the sale will officially close. The Fashion Law Institute notes that Barneys still maintains the right to request to push back the hearing date, meaning there’s a possibility for the sale to drag on.


UPDATE (October 25, 2019): A recent Instagram post made by Sam Ben-Avraham’s “Save Barneys” social media campaign has indicated that Authentic Brands‘ purchase of iconic NYC retailer Barneys is not official. The post states that Ben-Avraham and his team now have until October 31 to win the heated bidding war. Keep it locked here for more information as it arises.


ORIGINAL STORY (October 24, 2019): Despite a heated last-minute bidding war, Barneys has officially been sold to Authentic Brands Group for $271.4 million USD. The New York Post has reported that the rival $260 million USD bid placed by KITH investor Sam Ben-Avraham was rejected by Barneys, thus allowing the licensing group to retain priority in acquiring the iconic NYC-based retailer. It’s unclear whether the rejection was based strictly on Ben-Avraham’s monetary shortcoming or other reasons.

Prior to placing an official bid, Ben-Avraham made headlines for creating the #SaveBarneys social media campaign and accompanying @savebarneys Instagram account and #SaveBarneys hashtag, spearheaded by a petition called “Barneys, I love You.” In a public essay, Ben-Avraham opined the benefits of maintaining Barneys’ brand image integrity after its sale.

As a result of the sale, the auction originally scheduled for Monday has been cancelled. Authentic Brands plans to begin liquidation sales at all of Barneys’ remaining stores aside from its Boston location. There hasn’t been additional mention of Authentic Brand’s proposed deal to license Barneys’ assets to proposed deal to license Barneys’ assets to Saks Fifth Avenue owner Hudson’s Bay Co..

Most recently, Hudson Bay Company revealed plans to go private, presumably in advance of the Barneys purchase.

Read Full Article

What to Read Next

Kanye West's 'Jesus Is King' Is Finally Here
Music

Kanye West's 'Jesus Is King' Is Finally Here

Stream ‘YANDHI’s spiritual successor now.

'Rick and Morty' Coming To An All Elite Wrestling Live Show
Entertainment

'Rick and Morty' Coming To An All Elite Wrestling Live Show

Tying in with the brand’s Halloween episode.

Gulfstream Unveils World's Largest Private Jet, Costs $75 Million USD
Automotive

Gulfstream Unveils World's Largest Private Jet, Costs $75 Million USD

Featuring five living areas, a conference room and more.


Tiffany & Co. Is Ready to Dominate the Men’s Jewelry Market
Fashion 

Tiffany & Co. Is Ready to Dominate the Men’s Jewelry Market

The brand has launched an expansive collection for male shoppers, including a Dover Street Market collaboration.

Aimé Leon Dore Releases Second Woolrich Collaboration for FW19
Fashion

Aimé Leon Dore Releases Second Woolrich Collaboration for FW19

Showcasing the brands’ cozy knits and outerwear selection.

Karrimor Japan FW19 Focuses on Layering With Reliable Outdoor Essentials
Fashion

Karrimor Japan FW19 Focuses on Layering With Reliable Outdoor Essentials

Rugged and sophisticated coats for wintry weather.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.