Authentic, B. Riley’s US$271m buyout offer saves U.S. luxury department-store Barneys from winding down

USA – U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed. The deal which is estimated to be worth US$271.4 million in cash comes as a “stalking horse purchase agreement”, according to the court filing on October in the U.S. Bankruptcy Court in Poughkeepsie. A “stalking horse” bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they…

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