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Brooks Brothers Close to be Acquired by Authentic Brands And Sparc Group
- 13th Aug 2020
Brooks Brother with its main office in Madison Avenue in Manhattan, New York, is famed as the senior most menswear retailer in the United States of America. This American Fashion Retailer is New York based and was founded in the year1818 by a family. Subsequently it became a private company and currently Claudio Del Vecchio , the billionaire from Italy owns it.
Since Mid-2014 the extremely cherished fashion brand started making clothes for women with Zac Posen at the helm of that segment as a creative director. One of the biggest casualties of the worldwide Covid 19 pandemic, Brooks Brothers also got affected adversely with the changing mindset of customers towards casual office wear.
The battered U.S. fashion retailer has stated recently that most likely Authentic Brands Group LLC and SPARC Group LLC would acquire it for around USD 325 million.
The two centuries old American fashion clothing retailer appealed for financial protection a month ago and has joined a list of many age old American retailers who have been felled by the turbulent Covid pandemic.
SPARC, a venture backed by brand managing organization Authentic Brands Group LLC and shopping mall administrator Simon Property Group Inc, has agreed to keep going with almost125 Brooks Brothers retail stores as one of the key components of this deal.