The deal comes midst a stalking horse purchase agreement.

In securities filing, Barneys New York Inc, a U.S. luxury department-store chain, stated it has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc.

According to the filing in the U.S. Bankruptcy Court in Poughkeepsie, the purchase price is estimated to be around $271.4 million in cash; the deal midst a ‘stalking horse purchase agreement’.

This kind of an agreement is typically used as a starting bid that other interested bidders must surpass if they want to buy the company.

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Tags: agreement, assets, Authentic Brands Group, B. Riley Financial Inc, bankruptcy court, Barneys New York Inc, brand developer, chain, court filing, deal, department store, investment bank, luxury, Poughkeepsie, securities filing, sell, stalking horse purchase agreement, U.S