- Robyn Turk |
After filing for bankruptcy earlier this month Brooks Brothers has reached an agreement for sale with multi-brand platform SPARC Group LLC. A motion has been filed with the United States Bankruptcy Court for the District of Delaware to attain approval for the sale of Brooks Brothers' assets for 305 million dollars.
SPARC intends to purchase all of Brooks Brothers' global business operations and acquire at least 125 retail locations.
A full-service retail operator, SPARC supports over 2,600 retail stores, an e-commerce platform, and leading wholesale accounts in North America, South America, Europe, and Asia Pacific. It is an operating partner for the Aéropostale and Nautica brands. SPARC is partially owned by Authentic Brands Group.
A court hearing is scheduled for August 3, and Brooks Brothers has set a deadline for competing offers is set for August 5.