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SPARC LLC OFFERED $ 305 MILLION TO PURCHASE BROOKS BROTHERS
Brooks Brothers applied to postpone bankruptcy. According to the news in CNBC, Sparc LLC offered $ 305 million to purchase Brooks Brothers..
Yazar: Tom Roberts
Yayınlanma: 24 Temmuz 2020 18:27
Güncellenme: 7 Kasım 2024 18:07
SPARC LLC OFFERED $ 305 MILLION TO PURCHASE BROOKS BROTHERS
Brooks Brothers, one of the oldest menswear brands in the world, applied to postpone bankruptcy. According to the news in CNBC, Sparc LLC offered $ 305 million to purchase Brooks Brothers..AT LEAST 125 STORES WILL REMAIN OPEN
Sparc is a company founded by Simon Property Group, the owner of the shopping mall, and Authentic Brands Group, which is a ready-to-wear clothing company. Their offer is awaiting official approval. Sparc will keep at least 125 stores open if it buys Brooks Brothers. The hearing where the proposal will be examined will be held on 3 August. Until August 5, other buyers will have time to bid higher.
THEY COLLECT THE COMPANIES THAT WENT BANKRUPT
Brooks Brothers, known as the pioneer of polo-collar t-shirts, is not the first brand that Simon and Authentic work together. Partner companies Sparc had previously offered $ 191 million for jeans manufacturer Lucky Brand, which has filed for bankruptcy. This offer is also in the approval process. Sparc, which bought young clothing retailer Aeropostale again from bankruptcy in 2016, added another textile company Forever 21 to its structure last year.
In the investor update on June 29, Simon Property announced that it has $ 8.5 billion of liquidity, of which $ 3.5 billion is cash. However, Simon's shares fell 59 percent this year. Authentic Brands Group includes brands such as Barneys New York, Nautica and Nine West.
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