A joint venture between Indianapolis-based Simon Property Group Inc. (NYSE: SPG) and Authentic Brands Group in New York is looking to acquire the assets of the country’s oldest apparel company. Brooks Brothers has filed a motion in U.S. Bankruptcy Court to receive approval of a $305 million bid by SPARC Group LLC.
The retailer says as part of the deal, SPARC will purchase all of its global business operations, with a commitment to acquiring at least 125 Brooks Brothers retail locations.
SPARC is the stalking horse bidder in an ongoing auction process for the Brooks Brothers assets. The deal remains subject to court approval and any higher or better offers.
A court hearing is set for August 3 to approve the stalking horse bid and bidding procedures. Brooks Brothers is requesting the deadline for competing offers be set for August 5 and a hearing to approve the sale be set for August 11.
Brooks Brothers, which was founded in 1818, filed for bankruptcy earlier this month.