Saks and Sports Illustrated owners reportedly teaming up to try and buy Barneys
The parent companies of Saks Fifth Avenue and Sports Illustrated are joining forces to make a play for Barneys New York.
Saks Fifth Avenue parent company Hudson’s Bay Co. and Sports Illustrated parent company Authentic Brands are making a $268 million bid for Barneys, The Wall Street Journal reports, citing a person familiar with the matter. Saks would open 41 Barneys shops in its stores, a separate Bloomberg report said.
Neither Hudson’s Bay Co. nor Authentic Brands immediately responded to FOX Business’ request for comment.
The possible breakthrough for a deal comes after a federal judge on Friday extended the deadline for Barneys to find a buyer until Tuesday.
A woman walks past a Barneys New York store window June 22, 2007, in New York City. (Mario Tama/Getty Images, File)
The department store filed for Chapter 11 bankruptcy protection on Aug. 6 after the landlord of its flagship New York store on Madison Avenue nearly doubled rent to almost $28 million this year.
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Barney’s said it would close half of its 10 signature stores as well as its five concept stores and seven of its nine warehouses as it looked for a buyer.
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Authentic Brands owns a portfolio of more than 50 brands, including Aeropostale, Juicy Couture, Nautica and Nine West, in addition to Sports Illustrated. Hudson’s Bay Company owns Saks Fifth Avenue, Saks Off 5th and Lord & Taylor.