Brooks Brothers Inc. announced Thursday it was seeking a bankruptcy court’s permission to enter an asset purchase deal with Sparc Group LLC, a joint venture between the Barneys and Nautica brands owner Authentic Brands Group LLC and mall operator Simon Property Group Inc (NYSE: SPG).
Sparc is offering to buy all of the beleaguered retailer’s worldwide business operations for $305 billion and will continue to operate 125 of Brooks Brother’s retail locations.
A United States Bankruptcy Court for the District of Delaware is due to consider the stalking horse bid — a reference to an initial-bid on assets of a bankrupt company — as well as the bidding procedures on August 3.
The deadline for competing offers has been set for August 5 and the hearing to approve the sale would take place on August 11, 2020.
Brooks Brothers, a two-hundred-year-old retailer, commenced Chapter 11 bankruptcy proceedings earlier