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Brooks Brothers set to be bought by Authentic Brands-Simon venture - WSJ

Aug. 10, 2020 10:58 PM ETSimon Property Group, Inc. (SPG)SPGBy: Carl Surran, SA News Editor13 Comments
  • The venture backed by mall owner Simon Property Group (NYSE:SPG) and apparel licensing firm Authentic Brands looks poised to take control of Brooks Brothers, WSJ reports.
  • Brand licensing company WHP Global has bowed out of the bidding for the bankrupt retailer, according to the report.
  • Sparc Group, the Simon Property-Authentic Brands venture, bid $305M for Brooks Brothers last month with a commitment to keep open 125 of the retailer's ~200 stores in North America.
  • WHP submitted a $334M bid in July, but Brooks Brothers deemed Sparc's offer a better deal.
  • Brooks Brothers filed for bankruptcy last month after more than 200 tears in business, unable to withstand store closures due to the coronavirus pandemic.

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