Authentic Brands Group called itself "the successful bidder" of Barneys New York's intellectual property, with a stalking horse bid worth more than $270 million that also included backing from investment bank B. Riley Financial and other affiliates. A sale hearing is scheduled for Oct. 31. ABG said an emailed press release Thursday that it expects the deal to close Nov. 1.
Lawyers for Barneys said in court papers Thursday that it canceled an auction for its IP. Despite that, Barneys said it is working with a group led by entrepreneur Sam Ben-Avraham that hasn't given up on a rival deal. While so far the rival offer reportedly fell short, Ben-Avraham said this week that it's superior because his plan would keep open five Barneys stores, according to Women's Wear Daily. . . . more