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Brooks Brothers to seek approval of sale to ABG & SPARC
13 Aug '20
1 min read
Pic: dennizn / Shutterstock.com
Brooks Brothers, America’s oldest apparel company, has announced that Authentic Brands Group (ABG) and SPARC Group were selected as the winning bidders in the company’s competitive sale process after they increased their offer to $325 million for the vast majority of its global business operations as a going concern and its intellectual property portfolio.
As part of the agreement, SPARC has committed to continue operating at least 125 Brooks Brothers retail locations. The bidders intend to preserve the iconic Brooks Brothers brand and to continue to serve the company’s loyal customers.
SPARC is a global retail enterprise with extensive experience in both brick-and-mortar and e-commerce retail. SPARC provides design, manufacturing, distribution, and marketing expertise to other American heritage brands, including Aéropostale and Nautica.
The proposed transaction is subject to Court approval and the satisfaction of customary closing conditions, including regulatory approval.
Fibre2Fashion News Desk (RKS)
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