News

Barneys may get sold to Saks to keep it alive

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.

About the author

Laura Price

Laura is the senior writer and Smartphones section editor responsible for managing software updates and smartphones section. She is very passionate about Gadgets & Technology and always looking around to use them in an innovative way in daily life. She reviews Gadgets & Applications to tell users about their optimum use to get the most out of in which they’ve put their time and hard earned money.
Email:[email protected]

Contact

Stock Market Funda Inc.
739 Bryant St, San Francisco,
CA 94107, USA