Barneys New York may simply have discovered its savior — or at the very least its stalking horse.
The retailer’s legal professional informed a New York chapter courtroom on Thursday that it’s in “advanced negotiations” with a suitor getting ready to amass the luxurious retailer as a going concern. This may-be purchaser is working to hammer out go-forward preparations with different events, together with the owner for Barneys’ Madison Avenue and Beverly Hills flagships.
A number of sources recognized the front-runner as Sam Ben-Avraham, the Kith investor and retailer who began the Venture and Liberty Festivals commerce reveals, with the sale value stated to be within the neighborhood of the $220 million flooring worth beforehand recognized by the courtroom.
Whereas 5 events formally indicated their curiosity in Barneys final week, Ben-Avraham was stated to be one of many two gamers desirous about taking the entire firm as a going concern, whereas different gamers have been extra within the mental property or different belongings. Among the many different gamers stated to have taken a detailed have a look at Barneys have been Russia’s Mercury Group, which couldn’t instantly be reached for remark, in addition to Genuine Manufacturers Group, Nordstrom Inc. and Neiman Marcus dad or mum Ares.
If Ben-Avraham did efficiently pull collectively a deal,