CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
FinancialsAug 16, 2019
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.
Barneys New York received $218 million from Brigade Capital Management and B. Riley Financial to keep operations running after filing for Chapter 11 bankruptcy protection earlier this month. (Photo courtesy of Barneys New York’s Facebook page)
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
Editors' Picks
Sponsored by
found by that date, Barneys must close the sale by Nov. 2, just one week later.
More on Financials
The Latest
Recorded WebinarsJan 24, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
SourcingJan 24, 2025
Ethical Gem Fair Heads Back to Tucson The gemstone show is slated to take place at the Scottish Rite Cathedral.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
Weekly QuizJan 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkThe online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
Events & AwardsJan 23, 2025
Plumb Club Announces Speaker Lineup for Symposium ‘25The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
SourcingJan 23, 2025
Fancy Color Research Foundation Names New CEORoy Safit took over the role on Jan. 1.
ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
