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”) were selected as the winning bidders in the Company’s competitive sale process after they increased their offer to $325 million for the vast majority of the Company’s global business operations as a going concern as well as its intellectual property portfolio.
As part of the agreement, SPARC has committed to continue operating at least 125 Brooks Brothers retail locations. The bidders intend to preserve the iconic Brooks Brothers brand and to continue to serve the Company’s loyal customers.
SPARC is a global retail enterprise with extensive experience in both brick-and-mortar and eCommerce retail. SPARC provides design, manufacturing, distribution, and marketing expertise to other American heritage brands, including Aéropostale and Nautica.
The proposed transaction is subject to Court approval and the satisfaction of customary closing conditions, including regulatory approval. The hearing to approve the sale is currently scheduled for August 14, 2020. Provided closing conditions are satisfied, the transaction is expected to be completed by the end of August 2020.
Additional Case Information
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 email@example.com.
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.
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, and the non-iron shirt. 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.
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®.