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        <title><![CDATA[Brooks Brothers to be sold for $325 million after buyer hikes offer]]></title>
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        <link>https://usagag.com/2020/08/12/brooks-brothers-to-be-sold-for-325-million-after-buyer-hikes-offer/</link>
        <lastBuildDate>Wed, 12 Aug 2020 15:02:55 +0000</lastBuildDate>
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            <media:title type="html">Brooks Brothers to be sold for $325 million after buyer hikes offer</media:title>
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        <content:encoded><![CDATA[<p>Brooks Brothers will likely be <strong>sold out of bankruptcy</strong> for $325 million this week after the storied retailer&#8217;s leading suitor hiked its offer by $20 million.</p><p>The New York-based clothier <strong>picked</strong> Sparc Group LLC — a partnership between mall owner Simon Property Group and brand-licensing firm Authentic Brands Group — as its winning buyer late Tuesday after scrapping a bankruptcy auction planned for earlier in the day.</p><p>A federal judge will consider whether to approve the sale at a hearing set for 10 a.m. Friday.</p><p><span >Brooks Brothers chose Sparc&#8217;s initial $305 million offer last month as its &#8220;stalking horse&#8221; bid, the price for other potential buyers to beat. Brooks Brothers spokesperson Arielle Patrick said the 202-year-old company received other bids but she declined to say who submitted them.</span></p><p>&#8220;There wasn’t a need for a formal auction because the critical conversations with several interested parties have been taking place since before the company filed and continued up until this week,&#8221; Patrick told The Post in an email.</p><p>Sparc — whose portfolio also includes the Aéropostale and Nautica apparel brands — plans to to keep at least 125 Brooks Brothers stores open and &#8220;preserve the iconic Brooks Brothers brand,&#8221; the retailer said.</p><p>WHP Global, another brand-licensing firm, was also working on a bid but dropped out of the process after Brooks Brothers picked Sparc as the leading suitor, <strong>according to The Wall Street Journal</strong>. Sparc also reportedly beat out WHP in a race to give Brooks Brothers a loan to support it through the Chapter 11 process.</p><p>Brooks Brothers — which <strong>filed for bankruptcy in July</strong> amid the coronavirus pandemic — is the latest in a string of retail acquisitions for Sparc and Authentic Brands.</p><p>Sparc has submitted an offer to buy Lucky Brand Dungarees out of bankruptcy that was due to go before a judge Wednesday morning. Authentic Brands — which snapped up Barneys New York in a bankruptcy sale last year — also teamed up with Simon and Brookfield Property Partners to take over the bankrupt Forever 21 chain in February.</p>]]></content:encoded>
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