NEW YORK--(BUSINESS WIRE)--Brooks Brothers (the “Company”), America’s oldest apparel company, today announced that it has filed a motion in the United States Bankruptcy Court for the District of Delaware to obtain court approval of an asset purchase agreement with stalking horse bidder SPARC Group LLC (“SPARC”).
Under the terms of the agreement, SPARC intends to purchase substantially all the Company’s global business operations as a going concern for $305 million. SPARC has also committed to acquiring at least 125 Brooks Brothers retail locations. The agreement is subject to court approval and any higher or better offers as part of the Company’s ongoing auction process.
SPARC is a full-service retail operator with a multi-brand platform that supports over 2,600 retail stores and shop-in-shops, a robust eCommerce platform, and leading wholesale accounts in North America, South America, Europe, and Asia Pacific. As the dedicated operating partner for the Aéropostale and Nautica brands, SPARC supports over $2.7 billion in global retail sales annually.
SPARC is partially owned by Authentic Brands Group (ABG), a global brand development, marketing, and entertainment company, which owns a portfolio of more than 50 media, entertainment, and lifestyle brands including Aéropostale and Nautica.
A court hearing to approve the stalking horse bid and bidding procedures will take place on August 3, 2020. The Company is requesting that the deadline for competing offers be set for August 5, 2020 and that a hearing to approve the sale take place on August 11, 2020.
Additional Case Information
The asset purchase agreement and all relevant court documents for Brooks Brothers’ Chapter 11 case are available at http://cases.primeclerk.com/brooksbrothers. Stakeholders can receive additional information by calling the Company’s claims agent, Prime Clerk, at 877-930-4317 (toll-free) or 347-899-4592 (international) or sending an email to firstname.lastname@example.org.
The Company’s restructuring counsel is Weil, Gotshal, & Manges LLP, its investment banker is PJ Solomon L.P., and its financial advisor is Ankura Consulting Group.
Additional Information on the Stalking Horse Bidder
ABOUT SPARC GROUP
SPARC Group LLC ("SPARC") is a global enterprise which designs, sources, manufactures, distributes, and markets apparel and accessories for men, women, and kids. A full-service retail operator, SPARC delivers product and commerce innovation through a multi-brand platform which supports 2,600-plus retail stores and shop-in-shops, a robust eCommerce platform, and leading wholesale accounts in North America, South America, Europe, and Asia Pacific. As the dedicated operating partner for the Aéropostale and Nautica brands, SPARC supports over $2.7 billion in global retail sales annually.
ABOUT AUTHENTIC BRANDS GROUP
Authentic Brands Group (ABG) is a brand development, marketing, and entertainment company, which owns a portfolio of global media, entertainment, and lifestyle brands. Headquartered in New York City, ABG elevates and builds the long-term value of more than 50 consumer brands and properties by partnering with best-in-class manufacturers, wholesalers, and retailers. Its brands have a global retail footprint in more than 100,000 points of sale across the luxury, specialty, department store, mid-tier, mass, and e-commerce channels, and more than 5,500 freestanding stores and shop-in-shops around the world.
ABG is committed to transforming brands by delivering compelling product, content, business, and immersive experiences. It creates and activates original marketing strategies to drive the success of its brands across all consumer touchpoints, platforms, and emerging media. ABG’s portfolio of iconic and world-renowned brands generates more than $12 billion in annual retail sales and includes Marilyn Monroe®, Elvis Presley®, Muhammad Ali®, Shaquille O'Neal®, Sports Illustrated®, Dr. J®, Greg Norman®, Neil Lane®, Thalia®, Nautica®, Aéropostale®, Forever 21®, Juicy Couture®, Vince Camuto®, Herve Leger®, Judith Leiber®, Barneys New York®, Frederick's of Hollywood®, Nine West®, Frye®, Jones New York®, Louise et Cie®, Sole Society®, Enzo Angiolini®, CC Corso Como®, Hickey Freeman®, Hart Schaffner Marx®, Adrienne Vittadini®, Taryn Rose®, Bandolino®, Misook®, Spyder®, Tretorn®, Tapout®, Prince®, Volcom®, Airwalk®, Vision Street Wear®, Above The Rim®, Hind®, Thomasville®, Drexel®, and Henredon®.
ABOUT BROOKS BROTHERS
Established in 1818, Brooks Brothers was the first American brand to offer ready-to-wear clothing and has continued throughout history with iconic product introductions including: seersucker, madras, argyle, the non-iron shirt, and the original polo button-down collar. Over two centuries later, Brooks Brothers is proud to uphold the same traditions and values and to be the destination for ladies and gentlemen from every generation. Since its founding 202 years ago in New York, Brooks Brothers has become a legendary international retailer with 200 stores in North America and 500 worldwide in 45 countries while maintaining a steadfast commitment to exceptional service, quality, style, and value.