A group of fashion executives is preparing a roughly $220 million bid to take control of Barneys New York Inc., according to people familiar with the situation, as the bankrupt retailer seeks to avoid a liquidation, the Wall Street Journal reported. The group is led by Sam Ben-Avraham, who founded the hip New York retail store Atrium in the 1990s as well as the streetwear brand Kith and also operates fashion trade shows. Ben-Avraham is assembling a consortium of retail veterans and brand investors to help fund the bid, the people said. At a bankruptcy hearing yesterday, Judge Cecelia Morris extended the deadline for bids until Oct. 11. Barneys’ lawyer said that the retailer was in negotiations with a single buyer, but didn’t name the party. Barneys filed for bankruptcy protection in August after the landlord of its Madison Avenue store nearly doubled the rent to $27.9 million. As part of its filing, it said it planned to shut most of its 13 department stores and nine warehouse stores, but would continue to operate seven locations, including on Madison Avenue.
