Barneys Job Cuts: Nearly 800 Workers Could Lose Their Job Without A Buyer

Barneys New York flagship — A view of the exterior of the building as Barneys New York. Barneys has become the first major U.S. retailer to sell marijuana and marijuana products. Nicholas Hunt/Getty Images

Amid its August Chapter 11 bankruptcy filing, Barneys will reportedly cut nearly 800 employees on Nov. 1

According to the New York Post, Barneys notified 785 workers at its two Manhattan stores, its e-commerce division and back-office facility, its Woodbury Common outlet center, and its Fifth Avenue headquarters about the job cuts.

While staffers were notified that they could lose their jobs, the news is not definite as Barneys looks to secure a buyer with Authentic Brands Group, leading the bids for the retailer, the news outlet said.

Authentic Brands Group is looking to acquire Barneys for $271.4 million with plans in place to liquidate its seven remaining stores.

The licensing firm for Barneys is reportedly pushing for Authentic Brands Group to reopen at least three stores if it can negotiate better lease terms with landlords, which it has already done in Boston with Simon Properties.

Barneys must find a buyer by Thursday to avoid liquidation.