Brooks Brothers finds suitors to salvage brand in $325 million sale
Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group.
The venture, called Sparc Group, initially offered $305 million for the clothing company last month. It will continue running at least 125 Brooks Brothers retail locations as part of the deal.
The 202-year-old New York-based clothier, which has dressed nearly every U.S. president, filed for Chapter 11 bankruptcy in July, joining a list of other big retailers such as J.C. Penney, J. Crew and Neiman Marcus, that have also filed for bankruptcy protection as store sales nationwide are decimated by the pandemic.
A hearing to approve the sale is currently scheduled for Friday. The transaction is expected to be completed by the end of the month if all closing conditions are satisfied.