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

The “Save Barneys” movement still has time.

Fashion 
12,110 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

Barney's New York to Reopen in 2021 Following Chapter 11 Bankruptcy
Fashion 

Barney's New York to Reopen in 2021 Following Chapter 11 Bankruptcy

Now acquired by Authentic Brands Group.

Authentic Brands Officially Purchases Forever 21 (UPDATE)
Fashion 

Authentic Brands Officially Purchases Forever 21 (UPDATE)

Including liabilities, the deal will cost around $300 million USD.

Barneys Ups Liquidation Sale to 35% Off Ahead of Black Friday
Fashion 

Barneys Ups Liquidation Sale to 35% Off Ahead of Black Friday

There are still over 26,000 products left online.


Authentic Brands Officially Makes $271 Million USD Bid to Purchase Barneys (UPDATE)
Fashion 

Authentic Brands Officially Makes $271 Million USD Bid to Purchase Barneys (UPDATE)

Other companies will be allowed to counterbid until October 22.

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.

KAWS’ "HE EATS ALONE" Marks First Exhibition in Middle East
Art

KAWS’ "HE EATS ALONE" Marks First Exhibition in Middle East

Taking place at the Fire Station Museum in Doha, Qatar.

Streetsnaps: MadeinTYO & DJ Jehmahk
Fashion 

Streetsnaps: MadeinTYO & DJ Jehmahk

Showing off their unique style in Hong Kong.

Get the adidas YEEZY BOOST 700 "Teal Blue" Before the Official Drop
Footwear 

Get the adidas YEEZY BOOST 700 "Teal Blue" Before the Official Drop

Presented by StockX
It’s a big week for Mr. West.

KAPITAL's New Sweatshirts Sport Gold & Silver Metallic Embroidery
Fashion

KAPITAL's New Sweatshirts Sport Gold & Silver Metallic Embroidery

Coming in a boxy ’80s-inspired cut.


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.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.