UPDATED 10/31/19, 4:30 p.m. ET: A judge approved the sale of Barney's to Authentic Brands Group, the Wall Street Journal reports. Barneys said that its still accepting offers from other suitors until the sale officially closes on Friday.
UPDATED 10/31/19, 1:00 p.m. ET: Sam Ben-Avraham's campaign to save Barney's is reportedly no more. According to the New York Post, the Kith backer has informed the retailer that he "would not be submitting a final bid."
The news comes a day after WWD reported that Ben-Avraham planned to submit another bid to buy Barney's, after his initial bid of $260 million failed to qualify for auction.
The iconic retailer's future is now in the hands of stalking-horse bidder Authentic Brands Group, and former Barney's owner David Jackson, who is partnering on a bid with the largest perfume retailer in the Middle East, Arabian Oud.
See original story below.
Licensing company Authentic Brands Group has reportedly put down a bid of $271 million for Barneys. If successful, they will reportedly close down locations and license the company's name to Saks. Ben-Avraham, an opponent of those plans, is putting down his own bid, in partnership with others like Theory co-founder Andrew Rosen, Khajak Keledjian of Intermix, and investor Ron Burkle, on Tuesday, according to GQ.
Ben-Avraham opened up a Twitter and Instagram account for the campaign. A website (SaveBarneysNY.com) was also created. Ben-Avraham is urging people to sign a petition and posted an open letter on the site. The investor said he hopes the campaign will show that they "have the support of the community."
"In a few short days we are at risk of losing a cultural institution that has been an anchor point for the city for almost a century. Its impact on culture cannot be understated," Ben-Avraham wrote on the site. "The brand as we know it today will disappear from our lives if it becomes an intellectual property license operation. Its unique identity, its point of view, its cutting edge agenda will be lost."
Ben-Avraham continued: "We cannot sit on the sidelines. Let’s show the world that we still care by signing this petition. Let’s give Barneys the future it deserves. Let’s breathe new life into this iconic New York establishment." Towards the end of the letter, Ben-Avraham puts out a call for any interested investors to reach out. "We are still closing out our final round, and looking for additional partners. For investor relations and press, please contact firstname.lastname@example.org."