Barneys New York is inching closer to a deal to pull it out of bankruptcy — but just what the future looks like is still uncertain.
The luxe retailer on Friday said it was facing three possible paths forward, noting it was working with various parties on bids to buy the company. One potential buyer is trying to put together a deal to take the company as a going concern. The other two paths would lead the company to a deal centered around its intellectual property.
Attorneys for Barneys, the lenders who have supported it in bankruptcy and its creditors gathered again in Judge Cecelia Morris’ courtroom in Poughkeepsie, N.Y., Friday afternoon to keep the case moving along.
The deadline for Barneys to secure some kind of a bid was pushed back to 9 a.m. Tuesday morning and another hearing will be held that day.
The identities of the three would-be bidders were not revealed in court.
Barneys’ chief executive officer Daniella Vitale was in court, but declined to comment.
Sources have said both trade show veteran and Kith backer Sam Ben-Avraham and fashion financier Gary Wassner have been competing in a race to become the stalking horse bidder. It is not clear just where either would get
The luxe retailer on Friday said it was facing three possible paths forward, noting it was working with various parties on bids to buy the company. One potential buyer is trying to put together a deal to take the company as a going concern. The other two paths would lead the company to a deal centered around its intellectual property.
Attorneys for Barneys, the lenders who have supported it in bankruptcy and its creditors gathered again in Judge Cecelia Morris’ courtroom in Poughkeepsie, N.Y., Friday afternoon to keep the case moving along.
The deadline for Barneys to secure some kind of a bid was pushed back to 9 a.m. Tuesday morning and another hearing will be held that day.
The identities of the three would-be bidders were not revealed in court.
Barneys’ chief executive officer Daniella Vitale was in court, but declined to comment.
Sources have said both trade show veteran and Kith backer Sam Ben-Avraham and fashion financier Gary Wassner have been competing in a race to become the stalking horse bidder. It is not clear just where either would get