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Thursday, Dec 8, 2022
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Bankruptcy Judge Approves Barney’s Sale to Authentic Brands, B. Riley

A bankruptcy judge has approved the sale of the Barney’s chain of fashion stores to Authentic Brands Group and its financial partner B. Riley Financial in Woodland Hills, according to media reports. Barney’s entered bankruptcy in early August. At the time, B. Riley and Brigade Capital agreed to provide $218 million to shore up the retailer’s finances, with $75 million available immediately, as reported by the Business Journal. The final sale to Authentic Brands was financed by B. Riley to the tune of $271 million. Judge Cecilia Morris of the U.S. Bankruptcy Court in New York approved the sale. Vogue’s website said the “new owners are expected to close the majority of its stores, let go thousands of employees, liquidate its remaining assets, and license the Barneys New York name and intellectual property to Saks Fifth Avenue.” Shares of B. Riley (RILY) closed Friday up 79 cents, or 2.8 percent, to $28.94 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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