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Barneys New York gets $271.4 million stalking horse bid for assets
By Caroline Salls
Pittsburgh, Oct. 17 – Barneys New York, Inc. has entered into a $271.4 million stalking horse bid for substantially all of its assets, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.
The stalking horse bid was submitted by ABG-Barneys, LLC and B. Riley Financial, Inc. The company said $27 million will be advanced by B. Riley as part of a wind-down budget.
If the ABG, B. Riley bid is not ultimately the winning bid, Barneys will pay them a break-up fee and expense reimbursement totaling $8.14 million.
Competing bids are due by 5 p.m. ET on Oct. 22. An auction will be held on Oct. 24, if necessary.
The sale hearing is scheduled for Oct. 31.
Barneys is a New York-based luxury specialty retailer. The company filed bankruptcy on Aug. 6 under Chapter 11 case number 19-36300.
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