KITH co-founder Sam Ben-Avraham has placed a bid to buy Barneys New York after the luxury department store chain filed for bankruptcy back in August, The Wall Street Journal reports. Those close to the situation reveal that Ben-Avraham is working with retail veterans and brand investors to help fund the $220 million offer, as the deadline for bids is currently October 11.

“We are in advanced negotiations with a potential purchaser and intend to reach an agreement by next Friday,” a Barneys spokeswoman said in a statement.

Ben-Avraham's bid would include an agreement with the landlord of Barneys New York's Madison Avenue and Beverly Hills stores, subject to approval by the bankruptcy court. The nearly $30 million rent for the Madison Avenue store has been noted as one of the reasons for the chain's recent struggles.

Barneys New York filed for bankruptcy protection in August. As cited in the filing, the retailer planned to shut down the majority of its 13 department stores and nine warehouse stores, while seven locations, including Madison Avenue, would remain open.

In addition to co-founding KITH, Sam Ben-Avraham founded New York's Atrium in the '90s, and he also operates New York trade shows including Liberty Fairs, PROJECT, and Capsule. We have reached out to a representative for KITH for comment. In the meantime, visit The Wall Street Journal for more on Ben-Avraham's bid to buy Barneys New York.

On this week's episode of The Dropcast, we are joined by Atlanta's Reese Laflare a.k.a. Lil Skate who's making his mark in the rap game after a career as a pro-skater.