Barneys to be bought by Authentic Brands Group: report
Morning Business Outlook: Iconic luxury retailer Barneys will be closing some stores after filing for bankruptcy; Krispy Kreme is launching two new limited edition Reese's peanut butter creations.
Barneys, the luxury department store, is reportedly heading for liquidation.
Authentic Brands Group, a brand development, marketing, and entertainment company, is purchasing Barneys for $271 million, according to the New York Post. The store's Boston location will likely be the only location that will remain because ABG negotiated a favorable deal with the landlord, according to the Post.
Barneys has 19 locations in seven states. The store describes itself as a luxury specialty retailer renowned for having the most discerning edit from the world’s top designers, including women’s and men’s ready-to-wear, accessories, shoes, jewelry, cosmetics, fragrances, and gifts for the home.
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It appeared briefly that Barneys might not end up within the vast ABG family, which includes Jones of New York, Frederick’s of Hollywood and Aéropostale among others, because fashion mogul Sam Ben-Avraham made a bid of $260 million, but it was rejected. The winning bid from ABG beat out several rivals.