Saks Holdings Bids To Buy Barney’s Inc.

Saks Holdings Inc. and Isetan Co. said they are bidding to buy Barney’s Inc. for $290 million.

Barney’s, which has been in bankruptcy court since January 1996, has been trying to attract higher offers since Dickson Concepts International Ltd. of Hong Kong bid $240 million in February. That offer was rejected by Barney’s creditors on March 3.

Winning Barney’s would be a boon for Saks because of the cachet tied to the Barney’s name and its 13 department stores that sell trendy, high-priced clothing.