KITH co-founder Sam Ben-Avraham has placed a bid to buy Barneys New York after the luxury department store chain filed for bankruptcy back in August, The Wall Street Journal reports. Those close to the situation reveal that Ben-Avraham is working with retail veterans and brand investors to help fund the $220 million offer, as the deadline for bids is currently October 11.

“We are in advanced negotiations with a potential purchaser and intend to reach an agreement by next Friday,” a Barneys spokeswoman said in a statement.

Ben-Avraham's bid would include an agreement with the landlord of Barneys New York's Madison Avenue and Beverly Hills stores, subject to approval by the bankruptcy court. The nearly $30 million rent for the Madison Avenue store has been noted as one of the reasons for the chain's recent struggles.

Barneys New York filed for bankruptcy protection in August. As cited in the filing, the retailer planned to shut down the majority of its 13 department stores and nine warehouse stores, while seven locations, including Madison Avenue, would remain open.

In addition to co-founding KITH, Sam Ben-Avraham founded New York's Atrium in the '90s, and he also operates New York trade shows including Liberty Fairs, PROJECT, and Capsule. We have reached out to a representative for KITH for comment. In the meantime, visit The Wall Street Journal for more on Ben-Avraham's bid to buy Barneys New York.

On this week's episode of The Dropcast, we are joined by Atlanta's Reese Laflare a.k.a. Lil Skate who's making his mark in the rap game after a career as a pro-skater.

What To Read Next

*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titelmedia (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titelmedia strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titelmedia has engaged UsableNet Inc, a leading web accessibility consultant to help test, remediate and maintain our Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.