U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, according to a filing on Wednesday. The deal comes as a 'stalking horse purchase agreement', with the purchase price estimated to be about $271.4 million in cash, the filing in the U.S. Bankruptcy Court in Poughkeepsie showed. A “stalking horse” bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company.

RILY earnings call for the period ending June 30, 2019.

U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed. The deal comes as a "stalking horse purchase agreement", with the price estimated to be about $271.4 million in cash, according to the court filing on Wednesday in the U.S. Bankruptcy Court in Poughkeepsie. A "stalking horse" bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company.

The deal comes as a "stalking horse purchase agreement", with the price estimated to be about $271.4 million in cash, according to the court filing on Wednesday in the U.S. Bankruptcy Court in Poughkeepsie. A "stalking horse" bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company. In the absence of further bids by the deadline, the company will go ahead with the deal with Authentic Brands and B. Riley.

Earlier today, B. Riley issued a press release and a presentation detailing its financial results. Joining us today are Bryant Riley, Chairman and Co-CEO; Tom Kelleher, Co-CEO; and Phillip Ahn, CFO and COO. Mr. Riley, please proceed.