BROOKS BROTHERS LIKELY TO BE SOLD FOR $325 MILLION:
The New York-based clothier picked 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.
A federal judge will consider whether to approve the sale at a hearing set for 10 a.m. Friday.
Brooks Brothers chose Sparc’s initial $305 million offer last month as its “stalking horse” 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.
Endorsed – but only if the new Brooks Brothers brings back the classic Traditional Fit shirt.