Barney’s Accepts Hong Kong Retailer’s Bid

Barney’s Inc. and its creditors agreed to a $247-million bid from Hong Kong retailer Dickson Concepts to take control of the upscale fashion chain and help it emerge from bankruptcy court. Barney’s said it accepted the offer because it provides shareholders and creditors with a substantial amount of cash and lets them retain a 49% stake in the company. Dickson, whose offer includes $205 million in cash, upped its bid after an earlier $240-million proposal was rejected. Dickson has been talking to Barney’s for more than a year, as have other companies. Dickson has until Aug. 15 to reach a definitive agreement with Barney’s. New York-based Barney’s filed for bankruptcy court protection from its creditors in January 1996 in a dispute with Japan’s Isetan Co., which had financed Barney’s expansion since 1990.