The retailer has about 500 stores around the world, most of which are closed due to the coronavirus-induced lockdown. The "stalking horse" agreement would imply that any other bids that come in must be higher than the offer made by SPARC. (Reporting by Bhargav Acharya in Bengaluru; Editing by Sherry Jacob-Phillips). Pedestrians wearing protective masks walk past a Brooks Brothers store in New York. SPARC has also committed to acquiring at least 125 Brooks Brothers retail locations. WHP Global — a brand management company that owns the Anne Klein and Joseph Abboud dresswear labels — has already offered Brooks Brothers $75 million in so-called debtor-in-possession financing to get it through bankruptcy. Two apparel firms are reportedly vying to buy Brooks Brothers now that the storied clothier has filed for bankruptcy. related media assets (image or videos) available. Under the terms of the agreement, SPARC, which is partially owned by brand management company Authentic Brands Group, intends to buy the company's entire global business operations as a going concern, Brooks Brothers said https://reut.rs/2BrfQk7 in a statement. Brooks Brothers Inc. reached a deal with Sparc Group LLC—the venture created by Authentic Look out below: Horrifying pic shows snake eel burst out of bird's stomach in... Lured by luxury deals, here's where diehard New Yorkers are moving, Hillsong pastor who fired Carl Lentz puts NYC branch under investigation. This story has been shared 285,352 times. 63,537, This story has been shared 46,301 times. designated as the “stalking horse,” setting a minimum for others to beat. Brooks Brothers, the 202-year-old retailer that has dressed dozens of... Post was not sent - check your email addresses! As the dedicated operating partner for Brooks Brothers, Nautica, Aéropostale and Lucky Brand, SPARC supports approximately $4.7 billion in global retail sales annually. It looks like the email address you entered is not valid. Your California Privacy Rights 88,740, This story has been shared 63,537 times. The 200-year old iconic apparel retailer filed for bankruptcy earlier this month, joining a slew of decades-old American retailers that have succumbed to the COVID-19 pandemic. Do Not Sell My Personal Information, Your California Privacy Rights © 2020 NYP Holdings, Inc. All Rights Reserved, Brooks Brothers to be sold for $325 million after buyer hikes offer, Bankrupt Brooks Brothers offered deal to sell for $305M, The poverty of cancel culture and other commentary, Brooks Brothers files for bankruptcy, becoming latest retail virus victim, Joe Biden's coronavirus advisers are worse than the disease, 'Family Ties' star Meredith Baxter hated her 'enormous breasts'. WHP Global and Sparc Group LLC are looking to bid on the 202-year-old formal wear empire after the coronavirus pandemic and a broader shift toward casual clothing forced it into bankruptcy protection, according to The Wall Street Journal. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. The agreement is subject to court approval. About Brooks Brothers Brooks Brothers is a legendary global lifestyle brand that has shaped American style through fashion innovation, fine quality, exceptional service and value. The agreement is subject to court approval and any higher … Brands Group LLC and mall owner A Brooks Brothers spokesperson did not immediately respond to a request for comment Friday morning. Brooks Brothers said on Thursday it entered into a US$305 million "stalking horse" purchase agreement with retailer SPARC Group LLC, in a … Sparc Group is reportedly a partnership between Simon Property Group, the US’s largest mall operator, and Authentic Brands Group, the licensing firm that snapped up Barneys New York out of bankruptcy last year. Your Ad Choices Sources have told The Post that Authentic Brands was among the potential bidders for Brooks Brothers. Sorry, your blog cannot share posts by email. Sparc’s offer will be subject to higher and better bids due by Aug. 5 and has been Democratic Win in Georgia Senate Runoffs Could Signal Political Shift, Europe, Asia and Latin America: How Biden’s Foreign Policy Could Impact U.S. Simon said that although Brooks Brothers has a … Brooks Brothers said the hearing for the final sale of its assets is set to take place on Aug. 11. WHP Global and Sparc Group LLC are looking to … The New York-based company — known for dressing 41 of the 45 US presidents — started searching for a buyer last year but those efforts were upended by the coronavirus crisis, which has hammered retailers around the world. ... Brooks Brothers… JCPenney, J.Crew, Neiman Marcus and other chains have also filed for bankruptcy in recent months. The company meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. Click to see the gallery. Allies, Biden Faces Difficult Task of Picking His Administration, WSJ Opinion: Joe Biden’s Florida Nightmare, News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Copyright© Mediacorp 2020. 285,352, This story has been shared 88,740 times. ABG and Sparc paid $325 million for Brooks Brothers in August and agreed to keep at least 125 stores operating. The company had already been struggling as corporate America, including the Wall Street, relaxed its dress code for employees, allowing them to choose casual dressing over bespoke suits. Owned by Italian billionaire Claudio Del Vecchio, the privately held Brooks Brothers was the first to tailor the button-down Polo shirt in 1986 and boasts of having dressed 40 former U.S. presidents including John F. Kennedy and Barack Obama. has set a deadline of Aug. 11 to complete a sale to a buyer. Mediacorp Pte Ltd. All rights reserved. The offer for Brooks Brothers came from an entity known as the SPARC Group, a joint venture between Simon Property and Authentic Brands Group. We've received your submission. REUTERS: Brooks Brothers said on Thursday it entered into a US$305 million "stalking horse" purchase agreement with retailer SPARC Group LLC, in a move that could preserve the apparel brand as a going concern and help its operations in at least 125 stores. Brooks Brothers Inc. reached a deal with Sparc Group LLC—the venture created by Authentic Brands Group LLC and mall owner Simon Property Group Inc.—to sell the company for $305 million. Privacy Notice 46,301, © 2020 NYP Holdings, Inc. All Rights Reserved Two apparel firms are reportedly vying to buy Brooks Brothers now that the storied clothier has filed for bankruptcy. Sitemap Brooks Brothers said on Thursday it entered into a US$305 million "stalking horse" purchase agreement with retailer SPARC Group LLC, in a move that could preserve the apparel brand as a going concern and help its operations in at least 125 stores. Terms of Use Simon Property Group Inc.—to sell the company for $305 million. Over 130 Secret Service agents isolating amid White House COVID-19 outbreak. Do Not Sell My Personal Information. But Sparc is also talking with Brooks Brothers about providing an even larger loan, the Journal reported. The court order is a step toward completing the sale of the 202-year-old clothier’s Canadian assets — mainly inventory — to SPARC Group LLC, which purchased Brooks Brothers … Sparc is also looking to buy Lucky Brand Dungarees out of bankruptcy to add to its portfolio comprising hundreds of Forever 21, Nautica and Aéropostale stores, according to the Journal. This service is not intended for persons residing in the EU. This story has been shared 285,352 times. Thanks for contacting us. A court hearing to approve the bid has been set for Aug. 3, while competing offers are due Aug. 5. Both firms plan to keep most of Brooks Brothers’ stores open and are also in talks to give the company financing to support it through the Chapter 11 process, the paper reported Thursday. Monster alligator seen strolling golf course during Tropical Storm Eta, Why Fauci thinks COVID-19 won't be a pandemic 'for a lot longer'.

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