Brooks Brothers enters into $305mn stalking horse deal

25 Jul '20

1 min read

Pic: JHVEPhoto / Shutterstock.com

Brooks Brothers, America's oldest apparel company, has filed a motion in the United States Bankruptcy Court for the District of Delaware to obtain court approval of an asset purchase agreement with stalking horse bidder Sparc Group. The agreement is subject to court approval and any higher or better offers as part of the company's ongoing auction process.

Under the terms of the agreement, Sparc intends to purchase substantially all Brooks Brothers' global business operations as a going concern for $305 million. Sparc has also committed to acquiring at least 125 Brooks Brothers retail locations.

Sparc is a full-service retail operator with a multi-brand platform that supports over 2,600 retail stores and shop-in-shops, a robust e-commerce platform, and leading wholesale accounts in North America, South America, Europe, and Asia Pacific. As the dedicated operating partner for the Aéropostale and Nautica brands, Sparc supports over $2.7 billion in global retail sales annually.

Sparc is partially owned by Authentic Brands Group (ABG), a global brand development, marketing, and entertainment company, which owns a portfolio of more than 50 media, entertainment, and lifestyle brands including Aéropostale and Nautica.

Fibre2Fashion News Desk (RKS)

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