Brooks Brothers announced on Tuesday evening that Authentic Brands Group and SPARC Group LLC were selected as the winning bidders in the sale of the bankrupt suiting company for $325 million. Want to share a company announcement with your peers? Twitter. If this acquisition goes through, it will be yet another play by Sparc Group that could prevent at least some store closures. The off-pricer plans to liquidate its 13 stores. in the business, and has made some effort to keep up with the times, as creative director of its women's collection, for fulfillment years ago. “Our strategic partnership will allow us to leverage the tremendous equity of this quintessential American brand through key partnerships, dynamic marketing and cutting-edge product design.”, Global Brand Development, Marketing and Entertainment Company, Authentic Brands Group and SPARC Group Finalize the Acquisition of Brooks Brothers. Simon's ownership stake in Authentic Brands and SPARC Group could be worth lots of billions one day. After spending time owned by U.K. retail giant Marks & Spencer, the brand was. The closing date is set for Aug. 31, according to court documents. Welcome to our newsroom, where you can keep up with all of the exciting new things that our brands are up to. Daphne Howland But the label since then has had the benefit of having a chief executive, Claudio Del Vecchio, who cares about it. Discover announcements from companies in your industry. And the 202-year-old brand does have strength. NEW YORK--(BUSINESS WIRE)--Brooks Brothers (the “Company”), America’s oldest apparel company, today announced that Authentic Brands Group (“ABG”) and SPARC Group LLC (“SPARC”) (or the “bidders”… Authentic Brands Group LLC (ABG), a global brand owner, marketing and entertainment company, and SPARC Group, LLC (SPARC), a leading retail enterprise, today announced that they have acquired Lucky Brand. Authentic Brands Group is a global development, marketing and entertainment company. A shopping-mall giant and a brand-licensing firm have offered to buy Brooks Brothers out of bankruptcy for $305 million.. Sparc Group LLC — a partnership between Authentic Brands Group and … Our Mission; Our History; In The News; Contact Us; Careers; Data & Privacy; For … After spending time owned by U.K. retail giant Marks & Spencer, the brand was bought by Retail Brand Alliance in 2001 for less than a third of its previous price. A court hearing last Friday approved the sale of Brooks Brothers to SPARC Group, a joint venture between Authentic Brands Group and Simon Property Group… We see a great opportunity to strategically expand this powerhouse brand across the globe.”. There are 2 companies in the Sparc Group LLC corporate family. on As "Sparc," in addition to their bid for Brooks Brothers, they have bid on Lucky Brand and are reportedly mulling a takeover of J.C. Penney, all in bankruptcy at the moment. What Should Retailers & Brands Consider When Planning for 2021? Authentic Brands Group (ABG) a global brand owner, marketing and entertainment company, and SPARC Group, (SPARC) a leading retail enterprise, are pleased to announce that the acquisition of Brooks Brothers is complete. UPDATE: August 17, 2020: Chief Judge Christopher Sontchi of the U.S. Bankruptcy Court of the District of Delaware on Friday approved the $325 million sale of Brooks Brothers to Sparc Group, the 50-50 venture of Simon Property Group and Authentic Brands Group. And both Sparc entities would gain from the deal: Simon can preserve leases that may have otherwise gone by the wayside, as leases often do during the Chapter 11 process, and ABG adds yet another iconic brand to its portfolio. Authentic Brands Group LLC, a global brand owner, marketing and entertainment company, and SPARC Group, LLC, a retail enterprise, announced that they have acquired Lucky Brand. Brooks Brothers on Tuesday said it's asking a bankruptcy judge to approve the sale of "the vast majority" of its global business operations and intellectual property to Simon Property Group and Authentic Brands Group, after the companies upped their initial stalking horse bid by $20 million to $325 million. Authentic Brands Group LLC, a global brand owner, marketing and entertainment company, and SPARC Group, LLC, a retail enterprise, announced that they have acquired Lucky Brand. SPARC, which is partially owned by ABG, is the dedicated operating company for Aéropostale and Nautica. for less than a third of its previous price. "Men's fashion seems to be at the epicenter of awful.
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