Simon, Authentic Brands to buy Brooks Brothers
Investors, among the most active in the struggling retail sector, are paying $325M
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.
Brand management firm WHP Global was reportedly interested in making a bid before Sparc’s offer was finalized.
[WSJ] — Erin Hudson