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Barneys New York is closer to a deal to keep its brand alive.

The bankrupt luxury retailer has approved an approximately $271.4 million so-called “stalking-horse bid”  from licensing firm Authentic Brands Group and one of its debtor-in-possession lenders (B. Riley Financial Inc.), according to a court filing late Wednesday. The agreement involves “substantially all” of Barneys’ assets, but it could exclude certain leases, reported WWD.

According to some previous reports, ABG plans to acquire the Barneys brand and license the name to Hudson’s Bay Co., which would create Barneys in-store shops within Saks Fifth Avenue locations. Under Authentic’s bid, the status of Barneys’ Madison Avenue flagship in Manhattan is still under discussion, according to various reports.

The agreement with ABG will set the baseline bid for any competing offers, with an auction scheduled to take place by Oct. 24.

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