After struggling to make ends meet during recent times and filing for Chapter 11 bankruptcy protection in July, the 200-year-old luxury retailer Brooks Brothers has finally found a buyer.
As brand licensing company WHP Global Inc. bowed out of the race, Brooks Brothers announced that it will be acquired by Sparc Group LLC, a joint venture of Authentic Group and mall-owner Simon Property Group, who raised their offer from US $ 305 million to US $ 325 million.
Sparc Group has vowed to keep 125 of 200 location of Brooks Brothers open in North America.
The two companies at the helm of this deal will take control of the menswear brand’s global business as a going concern as well as its intellectual property portfolio.
Earlier WHP and Sparc had competed to provide Brooks Brothers a loan during bankruptcy proceedings, but Sparc won the battle.
WHP, which is in the business of buying brands struggling through bankruptcy and reviving them by shedding unprofitable locations, had bid US $ 334 million, but bowed out after it was unable to finance Brooks Brothers during proceedings.
