Farfetch says not buying US department store chain Barneys
Online retailer Farfetch said on Tuesday that it is not looking to buy struggling US department store chain Barneys.
Farfetch Limited
$0.64
11:00 12/01/24
Responding to an earlier report in the New Tork Post, Farfetch issued a very brief statement saying: "The story is incorrect - Farfetch is not acquiring Barneys New York."
The Post had said that Barneys was in "advanced talks" to sell itself to Farfetch. It also cited sources as saying that the discussions began before Barneys filed for bankruptcy earlier this month.
Barneys filed for bankruptcy and put itself up for sale on 6 August. It said at the time that it would close 15 of its 22 stores, including flagships in Chicago, Las Vegas and Seattle. In papers filed in the US bankruptcy court for the southern district of New York, Barneys said it had debts of $100m to $500m.
Chief executive officer and president Daniella Vitale said at the time: "Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand.
"In response to these obstacles, the Barneys New York board and management team have taken decisive action by entering into a court-supervised process, which will provide the company the necessary tools to conduct a sale process, review our current leases and optimise our operations."