Simon Property Group Partners with Authentic Brands Group to Buy Broke Retailers
Posted on 08/14/2020
New York City–based Brooks Brothers, a retail company that is 202-years-old, is being acquired for US$ 325 million by a venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. The venture is called SPARC Group LLC and has agreed to open up operations for at least 125 Brooks Brothers retail locations. Brooks Brothers had filed for bankruptcy in July 2020.
SPARC Group LLC is also set to purchase denim maker Lucky Brand out of bankruptcy for US$ 140.1 million.