More than 250 gem, jewelry, and mineral companies are expected to exhibit, including the American Gem Trade Association.
Judge Grants Barneys Access to Financing Offer
The retailer can now use the remainder of its $218 million in specialty financing to stay afloat while it searches for a buyer.
New York—Barneys New York Inc. was given the green light by a New York bankruptcy court judge Wednesday to utilize additional funding needed to keep it afloat while it searches for a buyer.
The retailer filed a motion earlier this month asking for permission to access debtor-in-possession financing, a type of financing extended to companies in distress that is overseen by the lender and subject to court approval.
Barneys initially received an offer of $75 million in debtor-in-possession financing from financial services companies Hilco Global and the Gordon Brothers Group to support its sale process.
But another last-minute offer materialized the day of its Chapter 11 bankruptcy filing. Brigade Capital Management and B. Riley Financial came in with an offer of $218 million in DIP financing.
The court previously had granted interim approval for immediate access to $75 million of the $218 million; the judge’s decision this week gave the retailer access to the remaining amount, $143 million.
Barneys filed for Chapter 11 bankruptcy protection Aug. 6 in New York amid soaring costs and declining sales. When it filed, the retailer announced that it would close 15 of its 22 locations, including the Barneys stores in Chicago, Las Vegas and Seattle.
It said it will use the DIP financing to support its operations, including continuing to pay employee wages and benefits as well as honoring customer payments and orders.
The company said in a statement following its filing that trade vendors, manufacturing partners and suppliers would be paid in full on or after the filing date.
Barneys owes unsecured claims totaling seven figures to creditors such as Celine, Yves Saint Laurent, Balenciaga, Givenchy, Gucci and Prada, according to court documents.
There were no jewelry brands included on the list of Barneys top 30 creditors, though the retailer is a major seller of fine jewelry and carries some of the most well-known names in the industry.
“This significantly enhanced financing commitment demonstrates the belief of Brigade Capital and B. Riley Financial in the value of the Barneys New York brand and business,” Barneys CEO Daniella Vitale said in a statement following news of the offer.
The capital injection provided Barneys with both more money and more time to find a buyer to save the business.
The retailer has until Oct. 24 to find a buyer and avoid liquidation, according to court documents, about a month-long extension from the previously set deadline of Sept. 25.
If a buyer is
This year’s Design Atelier is full of gems.
They’re a testament to the power of excellent design.
The most trusted diamond report, available in print or the GIA App.
This year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.
The industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Created by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
Navigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
The marketing agency has integrated its first C-suite.
The jewelry trade show also will debut educational content centered around social media.
Luxury kicks off today, with the full show in swing on Friday.
One of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
Rob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
With the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
It is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
From consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
Signature pieces from Cartier and David Webb will appear in the June jewelry auction.
They will be celebrated at the annual dinner dance and gala in the fall.
Gemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Supplier Spotlight Sponsored by IGI
Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
Set with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Sponsored by Noam Carver
As cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
The Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.
The Yurman Family Crystalline Pass is inside the museum’s brand-new Richard Gilder Center.
Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.