According to the New York Times, the end of Barney’s, the famed department store, involved executives crisscrossing the globe, all-night strategy sessions, last-minute alliances, and attempts to sway public opinion. However, all these attempts led to bankruptcy.
- What happened to Barney’s in bankruptcy court?
- How many full-time employees will be affected?
- Gene Pressman, a member of Barney’s founding family, thought about buying the store, but what issue prevented him from buying it?
- What firm is known for buying the intellectual property of flailing retailers and was the major buyer of Barney’s?
- What does the company in Question 4 do with the intellectual property? How do you think the buyer should record this in the accounting records?
Friedman, V. and S. Maheshwari. (2019). Barney’s New York is Sold for Scrap, Ending an Era. The New York Times, Nov. 1 (Retrievable online at https://www.nytimes.com/2019/11/01/business/media/barneys-bankruptcy-authentic-brands.html)