// Barneys New York swooped up for £208.12 million by Authentic Brands Group
// The US department store chain filed for bankruptcy in August this year
// In a statement, ABG said it had acquired all of Barneys intellectual property
Barneys New York has reportedly been acquired by entertainment management company Authentic Brands Group (ABG) for the sum of $271.4 million (£208.12 million).
The US department store chain filed for bankruptcy in August this year, and said it would close 15 of its 22 stores, including flagships in Chicago, Las Vegas and Seattle.
Barneys blamed the challenging retail climate in the US and “excessively high” rents for its demise.
READ MORE: Farfetch denies reports of Barneys acquisition
In papers filed in the US bankruptcy court for the southern district of New York, Barneys said it had debts of between $100 million (£76.66 million) and $500 million (£383.24 million).
It was handed £118 million by investment management firm Brigade Capital.
In a statement, ABG said it had acquired all of Barneys intellectual property and outlined plans to “evolve” the brand, including licensing its name to Saks Fifth Avenue for use in the US and Canada.
ABG said that Barneys was “renowned for its discerning edit from the world’s top designers, paired with a unique shopping experience” and would “leverage its international scale, marketing expertise and network” to make Barney’s a “global luxury retailer and lifestyle brand”.
ABG also expressed plans to expand Barneys’ presence in Asia.
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