In the recent development, a luxury department store Barneys has said to be hashed out a deal with the Madison Avenue. The deal is done so that it will keep the store alive on a smaller scale.
It is seen that Saks Fifth Avenue is now getting teaming up with the licensing firm Authentic Brands Group. The team-up is done so that it can acquire Barneys out of its bankruptcy. The company is currently under a bankruptcy of about $270 million and the deal that is being planned, it got approved by the court, will surely save the three Barneys stores.
The stores are said to be located in Beverly Hills, Boston, and Midtown Manhattan.
Under this deal, it is said that ABG will be acquiring the Barneys brand and then Saks will pay the licensing fee so that it can operate the Barneys.com. If all these things happened, then it will create a Barneys store within Saks only and the size of the Barneys mini-stores is said to exist between 10,000 to 50,000 square feet.
As per a source, it is been said that whatever may be the deal, but Madison Avenue location needs to require Barneys to give six of its 10 floors to work the deal.