Saks' Parent Company Looks To Buy Barneys: Will It Save The Struggling Retailer?

Barneys may have found itself a buyer as Authentic Brands Group, the parent company of Saks Fifth Avenue, is reportedly looking to purchase the struggling retailer for $270 million.

The deal, as reported by the Wall Street Journal, will include licensing of the brand by Saks by adding Barneys’ shops at its stores and operation of its website. The company is also looking to keep some Barneys stores open through negotiations with landlords, the news outlet said.

The news of a sale follows Barneys' Chapter 11 bankruptcy filing in August. The company's bankruptcy auction is slated for later in October. This was the second bankruptcy filing for the retailer.

Beyond the deal from Authentic Brands Group, an investor group is also interested in purchasing the retailer if it can come up with the financing necessary to close the deal, the Wall Street Journal reported.

At the time of Barneys' Chapter 11 filing, the company also announced it would be closing stores as part of its restructuring plan. The company said it would continue to operate only five locations. Barneys was also looking to secure $75 million to finance the sale of its assets.