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Barneys at the Crossroads: Deadline for Would-be Suitors Looms

It’s time for any would-be buyers for Barneys New York to step forward. The bankrupt retailer faces a key deadline today — it must secure formal expressions of interest from potential buyers.  If no buyer comes forward with a “reasonably acceptable” indication and Barneys cannot work out a revised budget with its lenders, the company could face liquidation. Barneys’ chief restructuring officer Mohsin Meghji, managing partner at restructuring and financial advisory firm M-III Advisors LP, previously estimated a roughly $220 million “floor value” for a sale. That would include the costs of the retailer’s secured debt, as well as its administrative and priority claims.  There is a narrow two-day window, until the end of the day Friday, to address potential disputes, according to a filing in the case.  But there are also key questions that any buyer would want to consider while looking at a company that is rapidly losing money. A court filing detailing Barneys’ finances, from when it went bankrupt on Aug. 6 through the end of that month, illustrates how tight of a jam the company is in. Over the three-plus weeks that saw Barneys start to close several stores and begin its journey through the Chapter 11 process, the company logged revenues of

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