Since the Luxury retail store, Barneys NY filed for bankruptcy in August of this year, there have been a great many individuals seeking to preserve its legacy. The most prominent of these individuals is Jamie Salter CEO of the Authentic Brands Group, who posted a bid of $271.4 Million and subsequently acquisitioned Barneys, though an official statement has yet to be made. The only other counter bid, made at 260 Million by “Kith” Cofounder Sam Ben-Avraham was thrown out.
According to the New York Times, Salter would seek to “evolve” the Barneys brand, which includes licensing the Barneys name to Saks Fifth Avenue for use in the U.S. and Canada. The approval and finalization will occur on October 31st during the bankruptcy hearing, and then on November 3rd the official sale will be closed. Soon after the closing of the sale, the company will begin launching liquidation sales in all of its locations, with the exception of the Boston location.
What we can expect Barneys NY to look like under the new leadership of Jamie Salter and the Authentic Brands Group can for the most part be left up to speculation, considering that Salter seeks to evolve the brand, which could mean a great many things. This as opposed to Sam Ben-Avraham’s vision, which was to preserve the retailer and locations as well as maintain its current employee base of about 2,000 people. Given that Barneys has yet to come out with an official statement as of yet, we’ll keep you posted on further events as they make themselves known.
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