Brooks Brothers Group wins court approval of $325 million asset sale

By Caroline Salls

Pittsburgh, Aug. 14 – Brooks Brothers Group, Inc. received court approval to sell substantially all of its global business operations, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Brooks Brothers announced on Aug. 11 that the winning bidders in the company’s sale process were Authentic Brands Group and Sparc Group LLC. Authentic Brands and Sparc increased their offer to $325 million from $305 million.

As previously reported, Brooks Brothers received court approval to enter into a stalking horse agreement with Sparc Group. According to the agreement, Sparc intended to purchase substantially all of the company’s global business operations as a going concern for $305 million.

Sparc also committed to acquiring at least 125 Brooks Brothers retail locations.

Subject to the satisfaction of closing conditions, the transaction is expected to be completed by the end of August.

Brooks Brothers is an apparel retailer based in New York City. The company filed bankruptcy on July 8 under Chapter 11 case number 20-11785.

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