Saks Holdings Withdraws Bid for Barney’s

Saks Holdings Inc. said it revoked its $290-million bid for Barney’s Inc. because it no longer thinks the New York retailer is worth that much. But it said it may be interested in acquiring the retailer under different circumstances. The move came ahead of Monday’s deadline for bids to acquire Barney’s, which is in bankruptcy proceedings. Saks’ offer topped a rival bid by Dickson Concepts International by $50 million. Saks cited Barney’s decision to close four of its 13 stores and take a $51.4-million charge. Saks also said “constraints on Barney’s liquidity” and the provision of secured financing from two of Barney’s creditors forced the company to rethink the price it would pay for the upscale clothier. A Barney’s spokeswoman declined comment. It operates Barney’s stores in Beverly Hills, New York and Chicago and six smaller specialty stores.