Brooks Brothers announced today that Authentic Brands Group and Simon Property Group are the winning bidders in the company’s competitive sale process after they increased their offer to $325 million for the vast majority of Brooks Brothers’ global business operations.
As part of the agreement, the brand conglomerate and the commercial developer will operate under a new partnership called “Sparc Group,” and will 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.
The proposed transaction is subject to court approval and the satisfaction of customary closing conditions, including regulatory approval, and could be complete by the end of August.
