Authentic Brands Group CEO Jamie Salter, David Simon and Brooks Brothers (Getty)
Brooks Brothers has found its white knight in mall giant Simon Property Group and apparel licensing firm, Authentic Brands Group.
A venture between the two companies, known as Sparc Group, has agreed to buy the retailer for $325 million, the Wall Street Journal reports. Brooks Brothers will close 75 of its 200 stores as part of the deal.
Sparc submitted a $305 million stalking horse bid last month. Brooks Brothers, which filed for Chapter 11 bankruptcy in early July, had until Aug. 5 to find a higher offer.
Brand management firm WHP Global was reportedly interested in making a bid before Sparc’s offer was finalized.
Sparc has previously acquired retailers such as Aéropostale, Forever 21 and Nautica. Separately, the partners also have a long track record of scooping up troubled chains.
Authentic Brands acquired Barneys last year, and Simon Property is said to be considering buying J.C. Penney.
[WSJ] — Erin Hudson