Please Allow Javascript and reload this page. A venture backed by apparel-licensing firm Authentic Brands Group and mall owner Simon Property Group has agreed to buy Brooks Brothers Inc. for $325 million. Colby is a full-time freelance writer based in Seattle, Washington. ABG rival WHP Global submitted a bid to pick up Brooks Brothers for $334 million in July, but Brooks Brothers considered Sparc’s a better offer, The Wall Street Journal reported. The grim milestone comes just before Thanksgiving. As part of the deal — set to close by the end of August — Sparc will keep open at least 125 of the 200 Brooks Brothers stores around the country. A hearing to approve the sale is currently scheduled for Friday. These cookies will be stored in your browser only with your consent. The nearly 200-year-old Brooks Brothers — which has dressed 40 U.S. presidents, including Abraham Lincoln — has struggled in recent years as office workers started to ditch suits and dress more casually. Mall owner Simon Property Group and brand management company Authentic Brands Group (ABG) will buy iconic menswear retailer Brooks Brothers for $325 million, Brooks Brothers announced last night. While the company is rumored to be in talks with Amazon to place fulfillment centers in malls, Simon said that there has yet to be a signed deal with the e-commerce giant, neither confirming nor denying the rumors. Its problems grew during the coronavirus pandemic, which forced workers out of the office and into their homes, ditching suits in the process, and it filed for bankruptcy last month with plans to find a new buyer. Try again later. On top of Lucky Brand, Sparc also acquired Brooks Brothers in a deal earlier this week. We also accept article submissions — check out our writer’s guidelines here. Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. “We continue to look forward to other opportunities.”. We do a lot of research.”. California joined Texas as the first states to confirm 1 million coronavirus cases. You also have the option to opt-out of these cookies. Investors, among the most active in the struggling retail sector, are paying $325M, Authentic Brands Group CEO Jamie Salter, David Simon and Brooks Brothers (Getty). Sparc previously picked up Nautica, Aèropostale and Forever 21. But opting out of some of these cookies may have an effect on your browsing experience. DoorDash Inc., the biggest U.S. food delivery platform, is set to join Airbnb at the end of a record year for initial public offerings. WHP pulled out of the race to buy Brooks Brothers on Monday, according to WSJ. It is mandatory to procure user consent prior to running these cookies on your website. Submit a tip here and if we think it’s newsworthy, we’ll follow up on it. Sparc LLC, a company jointly owned by Simon and ABG, originally offered $305 million to buy the bankrupt Brooks Brothers last month but increased its bid to $325 million, which was accepted yesterday, according to Brooks Brothers. Lauren Coleman-Lochner, Eliza Ronalds-Hannon and Kiel Porter, States ramp up for biggest vaccination effort in U.S. history, Biden moves forward without help from Trump’s intel team. for $325 million, Brooks Brothers announced last night. By clicking Subscribe you agree to our Privacy Policy. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Simon, Authentic Brands buying Brooks Brothers for $325M Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands … Non-paying tenants have also cost the company, along with ongoing litigation surrounding Taubman. para.appendChild(node); The retailer is unable to borrow more money, and “therefore is turning to you in an effort to continue operating,” Forever 21 said in the letter, a copy of which was reviewed by Bloomberg. WHP pulled out of the race to buy Brooks Brothers on Monday, according to, . touted the duo’s strategy of picking up faltering retailers and said most have seen returns within a year, with its Brooks Brothers investment expected to do the same. For full functionality of this site it is necessary to enable JavaScript. But opting out of some of these cookies may have an effect on your browsing experience. Brooks Brothers, which filed for Chapter 11 bankruptcy in early July, had until Aug. 5 to find a higher offer. The bankrupt retailer proposed to give suppliers half of what they’re owed in cash for goods delivered between Jan. 20 and Feb. 4. It is mandatory to procure user consent prior to running these cookies on your website. Simon and Brookfield finalize terms of J.C. Penney buy, Simon and Taubman gear up for legal throwdown, Simon’s rent collection inches up in Q2 while profits plummet, New York City hotels put strain on $3.1B in CMBS loans, Knotel may slash its global portfolio by 60%, Cuomo imposes new Covid-19 restrictions on restaurants, gyms, Kushner Companies no longer delinquent on Times Square loans, NYC movie theaters to Cuomo: Let us reopen, Office unease: Tenants are paying up but staying away, J.C. Penney bankruptcy plan approved by judge, Boies Schiller seeks to shed Hudson Yards office space. But educators also need to be ready if infection rates improve. clothing store in Manhattan and grew to become a favorite suit provider for Wall Street workers. }, false ); All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. The nearly 200-year-old Brooks Brothers — which has dressed 40 U.S. presidents, including Abraham Lincoln — has struggled in recent years as office workers started to ditch suits and dress more casually. Customers enter the Forever 21 store at Santa Monica Place. The arrangement would need approval from a judge overseeing the bankruptcy case. ByteDance Ltd., the Chinese owner of TikTok Inc., has a new December deadline to submit documents as part of its court petition seeking to block a U.S.-government-forced sale of the video-sharing app. Simon Property Group, Authentic Brands venture wins Brooks Brothers with $325M bid Flickr; BranderGuard. ‘Alien’ producer David Giler gets $2 million for leafy Hollywood Hills home. These cookies do not store any personal information. By clicking Subscribe you agree to our Privacy Policy. How Uber and Lyft persuaded California to vote their way. Occupancy was 91 percent as of Sept. 30, a slight decrease from last quarter’s 93 percent, but base minimum rent increased 2.9 percent year-over-year to $56.13. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Turn on desktop notifications for breaking stories about interest? We also report on politics on the State and National levels. , a company jointly owned by Simon and ABG. Want guaranteed coverage? We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. With a bankruptcy court's approval Wednesday of its purchase of Lucky Brand, Sparc Group, the 50-50 partnership of Simon Property Group and Authentic Brands Group… Lots more needs to be known about the Pfizer vaccine before COVID-19 is beaten. Photo: Wang Ying/Xinhua via Getty Mall owner Simon Property Group and brand management company Authentic Brands Group (ABG) will buy iconic menswear retailer Brooks Brothers for $325 million, Brooks Brothers announced last night. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Necessary cookies are absolutely essential for the website to function properly. Brooks Brothers will close 75 of its 200 stores as part of the deal. In a Thursday announcement, the partnership spoke … Column One: Comet tails and a Trojan horse: One laboratory’s hunt for a COVID-19 vaccine. The venture, called Sparc Group LLC, initially offered $305 million for the clothing company last month. var wpcf7Elm = document.querySelector( '.wpcf7' ); In an earnings call on Monday — where Simon posted its lowest revenue in nearly a decade — CEO David Simon touted the duo’s strategy of picking up faltering retailers and said most have seen returns within a year, with its Brooks Brothers investment expected to do the same. wpcf7Elm.addEventListener( 'wpcf7submit', function( event ) { Simon Property Group and Authentic Brands Group (ABG) have teamed up in an unlikely deal to acquire bankrupt denim maker Lucky Brand for $140.1 million. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. Developer Mode MGMT makes a splashy debut with a string of Beverly Grove sales. (adsbygoogle = window.adsbygoogle || []).push({}); The U.S. Securities and Exchange Commission (SEC) recorded an unprecedented achievement this 2020 after its Enforcement Division seized around $4.68 billion in penalties and... We are The People's Media. Biden is betting the opposite. With lockdowns in place and American wallets tight on cash, it is no wonder that the brand has struggled to keep pace with the rapidly changing economic reality.

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