Multiple outlets are reporting that Barneys New York, which filed for bankruptcy on August 6, is in advanced negotiations with a potential buyer: a group of retail executives led by Sam Ben-Avraham, who operates New York trade shows including Liberty Fairs, PROJECT and Capsule, and is also a founder and backer of Kith, the New York-based streetwear chain and eponymous clothing label co-founded by Ronnie Fieg.
In a call with bankruptcy court late last week, lawyers for the department store said that they had received several letters of indication from interested buyers; in a second call Thursday, Barneys’ lawyer stated that things had advanced to negotiations with one buyer, who remained nameless. The Wall Street Journal reports that that buyer is Ben-Avraham.
A Barneys spokesperson would not confirm the potential buyer but said the store “intends to reach an agreement by next Friday,” October 11. The Journal reports that the bid is worth about $220 million, and would include an agreement with the landlords of Barneys’ remaining stores in New York and Beverly Hills. (The rent of the Madison Avenue flagship, which doubled to almost $30 million in January, has been cited as a reason for the store’s struggles.) Ben-Avraham did not respond to a request for comment.