with contributions from Sindhu Sundar, David Moin
 on October 15, 2019

Authentic Brands Group is inching closer to becoming the lead bidder for Barneys New York, and it has found a potential partner in Hudson’s Bay Co.

Responding to a report Monday that ABG and HBC are teaming on a nearly $270 million offer for Barneys, a source close to the negotiations said: “It is a true statement. Richard Baker’s whole strategy is that he wants to own luxury retail.” Richard Baker is the chairman/governor of Hudson’s Bay Co., which owns Saks Fifth Avenue and Lord & Taylor in addition to Hudson’s Bay in Canada.

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