Barneys Auction Canceled as #SaveBarneys Bid Falls Short
- Authentic Brands Group remains as the only formal bidder
- Retail icon plans to keep working toward other offers
Photographer: Victor J. Blue/Bloomberg
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A planned auction for bankrupt retail icon Barneys New York Inc. next week was canceled after a consortium led by entrepreneur Sam Ben-Avraham failed to place a qualifying bid.
Authentic Brands Group LLC, currently the only qualified bidder for Barneys, said in a statement that it expects to complete its purchase of Barneys intellectual property on Oct. 31, subject to customary closing procedures.