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SPARC Continues To Incorporate Bankrupt Brands One By One
Established in partnership with the Authentic Group and Simon Properties, SPARC continues to incorporate bankrupt brands one by one.
Yazar: Tom Roberts
Yayınlanma: 13 Ağustos 2020 23:19
Güncellenme: 29 Ekim 2024 09:22
SPARC Continues To Incorporate Bankrupt Brands One By One
Established in partnership with the Authentic Group and Simon Properties, SPARC continues to incorporate bankrupt brands one by one. According to the news in Business Insider, the men's clothing brand Brooks Brothers will be sold to the partnership for 325 million dollars. The parties also agreed to keep at least 125 stores open. The acquisition will be completed upon approval by the bankruptcy court, as Brooks Brothers filed for bankruptcy postponement.
SURVIVED THE CIVIL WAR AND THE GREAT DEPRESSION; COULDN'T RECOVER FROM THE CORONA VIRUS
SPARC was originally set up to acquire Forever 21 and Aeropostale. The company later acquired Barneys, Juicy Couture and Frye. Finally, an asset agreement was signed with Lucky Brand last month.
For Brooks Brothers, the oldest clothing brand in the US, SPARC first took action in early July. WHP Global was the biggest competitor in this regard, but they retreated on August 10. When SPARC raised its initial bid of $ 305 million to $ 325 million, it reached an agreement with Brooks Brothers.
Established in 1818, Brooks Brothers has survived many crises in US history, from the civil war to the Great Depression. However, the corona virus epidemic, which exploded while going through an economically troubled period, consumed the company. Brooks Brothers filed for bankruptcy postponement on July 8.
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