Barneys’ Waiting Game Continues
As Barneys New York scrambles for a way forward, the fashion industry is bracing itself for yet another bankruptcy — but holding out hopes that even if the retailer does fall, someone might be there to catch it. Just where the tony retailer ends up is a topic of increasing speculation and intrigue — with one source saying the situation could be resolved next week. That’s become something of a refrain, though, as the company works furiously in the background to reorganize. One source with knowledge of Barneys’ situation suggested there’s a “money person,” a possible new partner or white knight of sorts, in the wings who could give the retailer another lease on life. However, that doesn’t mean a bankruptcy would necessarily be avoided. The source added, “Barneys has to clean things up,” meaning close several unproductive doors. “Whoever that money person is has some demands, I would think.” “If the rumor is correct, I suspect it could either be someone wanting it as a trophy asset or someone with a completely different business model, similar to how Farfetch acquired Browns of London,” said a fashion executive, who requested anonymity. Vendors have been delaying shipments to Barneys or shifting to consignment arrangements, while tradeFollow WWD on Twitter or become a fan on Facebook.
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