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Simon and Authentic Brands Team up for Brooks Brothers Bid
July 27, 2020
Source: Retail and Leisure International
The nation’s biggest mall owner is once again partnering to help save the bankrupt retailer Brooks Brothers.
Sparc Group LLC, which is made up of Simon Property Group and Authentic Brands Group, has made a $305M bid for Brooks Brothers. The offer, which is subject to higher bids and court approval, is to purchase substantially all the retailer’s global business operations as a going concern and a commitment to keep at least 125 of Brooks Brothers’ stores open for business.
The oldest apparel company in the US, Brooks Brothers filed for bankruptcy on 8 July with an eye to emerging under a new owner. The company, which was founded in 1818, had more than 200 stores in the US and Canada, and 500 worldwide in 45 countries.
Before even making this joint offer, Simon and ABG joined forces to give the company an $80M, no-interest, debtor-in-possession loan to carry the business through its restructuring while it looked for a buyer.
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