Barneys New York is closer to getting its stalking horse bidder — but the future of the bankrupt company’s stores remains in doubt.
An attorney for the luxury retailer told New York bankruptcy Judge Cecelia Morris today that it was finalizing an official bid that is tied to a lender that has supported the company while it works through the Chapter 11 process.
It wasn’t finalized, though, and the debtor-in-possession lenders extended their deadline to the company until 5 p.m. Barneys’ attorney Chad Husnick of Kirkland & Ellis LLP told the court that the retailer would continue its efforts to see if it could keep any physical stores open as part of the agreement.
“These are not easy negotiations, there’s a lot of pressure and posturing going on,” Husnick told the court.
Details of the bid were not disclosed in court, but a source close to the process confirmed that the bid comes from intellectual property firm Authentic Brands Group. The source said the terms of the deal were still being negotiated and that document — submitted late yesterday — was still being reviewed. ABG is said to be working with B. Riley Financial Inc., which could help liquidate Barneys’ inventory, and is one
An attorney for the luxury retailer told New York bankruptcy Judge Cecelia Morris today that it was finalizing an official bid that is tied to a lender that has supported the company while it works through the Chapter 11 process.
It wasn’t finalized, though, and the debtor-in-possession lenders extended their deadline to the company until 5 p.m. Barneys’ attorney Chad Husnick of Kirkland & Ellis LLP told the court that the retailer would continue its efforts to see if it could keep any physical stores open as part of the agreement.
“These are not easy negotiations, there’s a lot of pressure and posturing going on,” Husnick told the court.
Details of the bid were not disclosed in court, but a source close to the process confirmed that the bid comes from intellectual property firm Authentic Brands Group. The source said the terms of the deal were still being negotiated and that document — submitted late yesterday — was still being reviewed. ABG is said to be working with B. Riley Financial Inc., which could help liquidate Barneys’ inventory, and is one