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Leaked memo from Barneys CEO says there's only a 'small chance' the company gets saved

Leaked memo from Barneys CEO says there's only a 'small chance' the company gets saved
Bennett Raglin/Getty Images



In a leaked memo, Barneys CEO Daniella Vitale confirmed to employees that the bankruptcy court has approved Barneys' sale to Authentic Brands Groups, a move that would effectively shutter all Barneys stores.




Vitale said that while there's a limited window of time for a bidder to rise up and reach an "alternative solution" that would prevent liquidation, the chance of that happening is "small."




"We have all worked very hard to avoid this outcome," Vitale said in the memo. "I understand this has been a long and uncertain process, and I want to thank you all for your focus and dedication to keeping Barneys moving forward."




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As Barneys awaits finalization of its sale to Authentic Brands Group, Barneys CEO Daniella Vitale said in a leaked internal memo that the iconic department store is likely in its final days.
In the letter from Vitale to employees obtained by Business Insider, Vitale confirmed the court had approved a deal with ABG in partnership with Saks Fifth Avenue, which will be final as of 10 a.m. on Friday.
While that leaves a limited window of time for another bidder to step up and prevent the liquidation of the remaining stores, she said the likelihood of that happening is "small."
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