The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
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
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.