Brooks Brothers enters purchase deal with retailer SPARC, Retail News, ET Retail

Davida Erdahl

Brooks Brothers stated on Thursday it entered into a $305 million “stalking horse” buy arrangement with retailer SPARC Team LLC, in a transfer that could preserve the attire brand name as a likely worry and aid its operations in at minimum 125 suppliers.

The 200-12 months previous iconic attire retailer submitted for individual bankruptcy before this thirty day period, signing up for a slew of a long time-previous American shops that have succumbed to the COVID-19 pandemic.

Less than the terms of the arrangement, SPARC, which is partially owned by brand name administration company Genuine Brand names Team, intends to acquire the firm’s entire international business operations as a likely worry, Brooks Brothers stated https://reut.rs/2BrfQk7 in a statement.

The “stalking horse” arrangement would imply that any other bids that arrive in must be higher than the give built by SPARC.

The arrangement is matter to court acceptance. A court hearing

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