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$325M Deal for Brooks Brothers Goes Before Bankruptcy Judge
A hearing is scheduled for Friday at U.S. Bankruptcy Court to approve the $325-million sale of Brooks Brothers to SPARC Group LLC, a venture of Authentic Brands and Simon Property Group. SPARC has committed to continue operating at least 125 Brooks Brothers retail locations.
The apparel retailer, founded in New York City in 1818, filed for Chapter 11 protection last month. At the time, it said it would seek a buyer while permanently closing 51 of its 230 stores.
“Our priority is to start this important chapter with a new owner that has appreciation for the Brooks Brothers legacy, a vision for its future, and aligns with our core values and culture,” said CEO Claudio Del Vecchio, who acquired Brooks Brothers from British retailer Marks & Spencer in 2001.
Assuming bankruptcy court approval, the sale to SPARC is expected to be completed at the end of this month.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

