Israeli businessman Samuel Ben-Avraham has tabled a takeover bid for bankrupt luxury department store Barneys New York. The offer for the retailer challenges the $271 million offer by brand licensing company Authentic Brands Group.

However, Ben-Avraham’s takeover attempt fell flat in court earlier this week, which makes Authentic Brands the likely winner, sources told CNBC.

Despite the setback, the bidder still has time until October 31 to advance another, much viable offer. If takeover efforts fail, Barneys’ future seems grim.

The retailer filed for bankruptcy in August and has been seeking for proposals superior to the Authentic Brands’. The licensing company calls for the establishing Barneys stores in Saks Fifth Avenue shops. Reuters reported that a few of the retailer’s its brick-and-mortar stores would also remain open.

Ben-Avraham said that he has investor support for his bid.

The Israeli businessman launched a social media campaign to go with his proposal. Ben-Avraham also owns trade show firms and is an investor in fashion label Kith.

Women’s Wear Daily first reported on the entrepreneur’s offer.

“Barneys is continuing to work towards a value-maximizing transaction, including in relation to a potential [deal] led by Ben- Avraham, up to and including the sale hearing.” a Barneys spokesperson told CNBC.

“I think we can be in line with what Authentic Brands is coming with. I don’t need to beat [Authentic Brands], but I think I have a better proposal,” Ben-Avraham said.

Ben-Avraham advanced a bid worth a reported $260 million during the 24-hour extension.