Brooks Brothers sold for £250 million
Brooks Brothers, America’s oldest apparel company, has announced that Authentic Brands Group and Simon Property Group LLC were selected as the winning bidders in the Company’s competitive sale process, purchasing the company for $325 (£250) million.
As part of the agreement, Simon Property Group has committed to continue operating at least 125 Brooks Brothers retail locations around the world, with the bidders intending to preserve the iconic Brooks Brothers brand and to continue to serve the Company’s loyal customers.
Brooks Brothers filed for bankruptcy protection last month after showing signs of trouble, as it struggled to reach consumers. In a court filing, Brooks Brothers said it has approximately $600 (£475) million in debt.
The company has three stores in London, including locations at Icon Outlet at The O2 and the world famous Regent Street.
The proposed sale 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 14 August 2020. Providing closing conditions are satisfied, the transaction is expected to be completed by the end of August.
