Luxury retailer Barneys New York Inc. is close to being sold to licensing firm Authentic Brands Group LLC after a competing bid from a trade show executive failed to qualify for a bankruptcy auction, Reuters reported. Authentic Brands had agreed with Barneys to be its so-called stalking-horse buyer, setting the floor for other offers. Now that a bid from Israeli businessman Samuel Ben-Avraham has failed, Barneys plans to cancel an auction scheduled for Monday. Authentic Brands’ $271 million offer for Barneys is expected to close on Oct. 31, the brand-development company said. Its plan for Barneys includes shops within existing Saks Fifth Avenue locations. Authentic Brands, which owns Nine West and Juicy Couture, will also keep certain Barneys brick-and-mortar locations open depending on negotiations with landlords.
