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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. JCPenney, J.Crew, Neiman Marcus and other chains have also filed for bankruptcy in recent months. The retailer has about 500 stores around the world, most of which are closed due to the coronavirus-induced lockdown.

This service is not intended for persons residing in the EU. ... Brooks Brothers… Brands Group LLC and mall owner SPARC has also committed to acquiring at least 125 Brooks Brothers retail locations. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Privacy Notice ABG and Sparc paid $325 million for Brooks Brothers in August and agreed to keep at least 125 stores operating. Two apparel firms are reportedly vying to buy Brooks Brothers now that the storied clothier has filed for bankruptcy. 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 … Sorry, your blog cannot share posts by email.

Simon said that although Brooks Brothers has a … Pedestrians wearing protective masks walk past a Brooks Brothers store in New York. WHP Global and Sparc Group LLC are looking to … The agreement is subject to court approval. Do Not Sell My Personal Information. 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. The agreement is subject to court approval and any higher … 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. The offer for Brooks Brothers came from an entity known as the SPARC Group, a joint venture between Simon Property and Authentic Brands Group. A Brooks Brothers spokesperson did not immediately respond to a request for comment Friday morning. Simon Property Group Inc.—to sell the company for $305 million. 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. related media assets (image or videos) available. 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. Terms of Use Copyright© Mediacorp 2020. Brooks Brothers said on Thursday it entered into a US$305 million "stalking horse" purchase agreement with retailer SPARC Group LLC, in a … has set a deadline of Aug. 11 to complete a sale to a buyer. Your California Privacy Rights Monster alligator seen strolling golf course during Tropical Storm Eta, Why Fauci thinks COVID-19 won't be a pandemic 'for a lot longer'. We've received your submission. 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. 63,537, This story has been shared 46,301 times. 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, the 202-year-old retailer that has dressed dozens of... Post was not sent - check your email addresses! Over 130 Secret Service agents isolating amid White House COVID-19 outbreak. Sitemap 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. 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. But Sparc is also talking with Brooks Brothers about providing an even larger loan, the Journal reported.

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. Brooks Brothers Inc. reached a deal with Sparc Group LLC—the venture created by Authentic Thanks for contacting us. designated as the “stalking horse,” setting a minimum for others to beat. The company 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 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. Sources have told The Post that Authentic Brands was among the potential bidders for Brooks Brothers. 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. (Reporting by Bhargav Acharya in Bengaluru; Editing by Sherry Jacob-Phillips). This story has been shared 285,352 times. 88,740, This story has been shared 63,537 times. It looks like the email address you entered is not valid. The "stalking horse" agreement would imply that any other bids that come in must be higher than the offer made by SPARC. As the dedicated operating partner for Brooks Brothers, Nautica, Aéropostale and Lucky Brand, SPARC supports approximately $4.7 billion in global retail sales annually. Mediacorp Pte Ltd. All rights reserved. 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. Democratic Win in Georgia Senate Runoffs Could Signal Political Shift, Europe, Asia and Latin America: How Biden’s Foreign Policy Could Impact U.S. A court hearing to approve the bid has been set for Aug. 3, while competing offers are due Aug. 5. Click to see the gallery. Brooks Brothers said the hearing for the final sale of its assets is set to take place on Aug. 11. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. 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. 285,352, This story has been shared 88,740 times. 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. Sparc’s offer will be subject to higher and better bids due by Aug. 5 and has been 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.

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