Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  B. Riley Financial, Inc.    RILY

B. RILEY FINANCIAL, INC.

(RILY)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Barneys enters deal to sell assets to Authentic Brands, B. Riley for $271 million cash

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/17/2019 | 01:20am EST
FILE PHOTO: The Barneys New York sign is seen outside the luxury department store in New York

(Reuters) - U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed.

The deal comes as a "stalking horse purchase agreement", with the price estimated to be about $271.4 million in cash, according to the court filing on Wednesday in the U.S. Bankruptcy Court in Poughkeepsie.

A "stalking horse" bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company.

Any further bids must be received before a deadline on Oct. 22, according to the filing. In the absence of further bids by the deadline, the company will go ahead with the deal with Authentic Brands and B. Riley.

If it receives a bid before the deadline, Barneys may conduct an auction until Oct. 24.

Reuters reported on Monday that Barneys, which filed for bankruptcy protection in August citing rent hikes as a factor, was nearing a deal with Authentic Brands that could lead to Barneys shops opening in Saks Fifth Avenue stores.

Barneys is encouraged by the agreement but is also "actively pursuing" additional options, the Wall Street Journal reported on Wednesday, citing a company spokeswoman.

Authentic Brands could possibly keep some Barneys stores open based on talks with landlords, the Journal reported, citing a source.

A group led by fashion executive Sam Ben-Avraham has explored a bid for Barneys and was continuing to work on a potential deal that envisions keeping many of the retailer's current stores open, a source told Reuters on Monday.

Barneys is one of the most high-profile victims of the downturn in retail, and underscores how even luxury department stores are not immune from fierce competition with e-commerce firms such as Amazon.com Inc.

Sears Holdings Corp, Toys "R" Us Inc and Gymboree Group Inc have also filed for bankruptcy in the last two years.

Without an offer, Barneys faced winding down its business entirely.

The company made its name in the 1930s by placing women dressed in barrels outside beer halls in New York City, where they handed out matchbooks advertising the store, according to the retailer's website.

The store, now known for exclusive apparel made by designers such as Burberry Group Plc, began as a destination for middle-class families. It transitioned to luxury fashion in the 1960s.

(Reporting by Kanishka Singh in Bengaluru; Editing by Shri Navaratnam and Stephen Coates)

By Kanishka Singh

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM -1.40% 1753.11 Delayed Quote.18.38%
B. RILEY FINANCIAL, INC. 0.85% 28.46 Delayed Quote.100.42%
BURBERRY GROUP PLC -1.20% 2060 Delayed Quote.18.70%
SEARS HOLDINGS CORPORATION -7.65% 0.25396 Delayed Quote.2.02%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on B. RILEY FINANCIAL, INC.
11/13B. RILEY FINANCIAL, INC. : Ex-dividend day for
FA
11/01B. RILEY FINANCIAL, INC. : Completion of Acquisition or Disposition of Assets, O..
AQ
11/01B RILEY FINANCIAL : Management's Discussion and Analysis of Financial Condition ..
AQ
10/30B. RILEY FINANCIAL : 3Q Earnings Snapshot
AQ
10/30B. RILEY FINANCIAL, INC. : Results of Operations and Financial Condition, Financ..
AQ
10/30B. RILEY FINANCIAL : Reports Record Results for the Third Quarter of 2019
PR
10/30B. RILEY FINANCIAL : Establishes Brand Investment Portfolio
PR
10/23B. RILEY FINANCIAL : Announces Third Quarter 2019 Earnings Release Date and Conf..
PR
10/21B RILEY FINANCIAL : . Riley FR to Host NASH Symposium in San Francisco on Octoer..
PR
10/18B. RILEY FINANCIAL, INC. : Entry into a Material Definitive Agreement, Other Eve..
AQ
More news
Financials (USD)
Sales 2018 -
EBIT 2018 -
Net income 2018 -
Debt 2018 -
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 -
Capi. / Sales2018 -
Capi. / Sales2019 -
Capitalization 755 M
Chart B. RILEY FINANCIAL, INC.
Duration : Period :
B. Riley Financial, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends B. RILEY FINANCIAL, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 28,46  
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Bryant Richard Riley Chairman & Co-Chief Executive Officer
Thomas John Kelleher Co-Chief Executive Officer & Director
Kenneth M. Young President
Phillip J. Ahn Chief Operating & Financial Officer
Andrew Gumaer Director
Sector and Competitors
1st jan.Capitalization (M$)
B. RILEY FINANCIAL, INC.100.42%770
MORGAN STANLEY23.61%78 599
GOLDMAN SACHS GROUP INC.31.94%77 340
THE CHARLES SCHWAB CORPORATION4.70%56 313
CITIC SECURITIES COMPANY37.60%36 034
HUATAI SECURITIES CO., LTD.8.46%21 445