Bankrupt Brooks Brothers Looking at a Few Different Suitors
Brooks Brothers, which filed for bankruptcy protection this week, already has received two competing offers to take control of the namesake brand’s assets and operations.
According to reports, Authentic Brands and Simon Property Group (SPG) - Get Report-backed apparel company Sparc Group is considering a bid to buy Brooks Brothers out of bankruptcy.
WHP Global, which has already pledged $75 million to finance Brooks Brothers through its bankruptcy, also is assembling its own buyout offer.
Brooks Brothers filed for bankruptcy on Wednesday after more than 200 years in business, another victim of the coronavirus pandemic and forced shutdown that has decimated the brick-and-mortar retail industry.
The iconic American brand is the latest retail clothing chain to seek court protection amid lockdowns during the coronavirus outbreak. Neiman Marcus, J.Crew and John Varvatos have all filed for bankruptcy protection since the virus took hold.
the Brooks Brothers label is likely to live on, however. WHP is looking to add Brooks Brothers to its portfolio after buying the Joseph Abboud and Anne Klein brands from struggling parent companies.
Authentic Brands, meantime, has built up its own portfolio of well-known designer brands through its Sparc venture. It also owns and operates Aeropostale, Forever 21 and Nautica stores.
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