Strategic Resource Group Managing Director Burt Flickinger argues that businesses with good online business and food-related retail can thrive during the coronavirus outbreak.
Brand licensing company WHP Global Inc. has the race for Brooks Brothers Inc. bent, according to people familiar with the matter, and a venture left by clothing licensing firm Authentic Brands Group LLC and shopping center Simon Property Group Inc. taking control of the bankrupt retailer
Like Authentic Markets, WHP Global buys consumer brands, often out of bankruptcy, and repairs them by hiding useless locations.
Sparc Group LLC, the Venture Authentic Brands-Simon, offered $ 305 million to Brooks Brothers last month. That offer “stalking horse” includes a promise to keep 125 Brooks Brothers stores open. The retailer has about 200 stores in North America. The Sparc offer was subject to better offers, but the deadline for rival offers went last week.
A Brooks Brothers spokeswoman declined to comment.
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WHP and Sparc have been fighting to buy Brooks Brothers since the retailer filed for bankruptcy.
A view of the Brooks Brothers shopkeeper closed during the COVID-19 crisis on May 6, 2020 in Vancouver, Canada. (Photo by Andrew Chin / Getty Images)
WHP had submitted a $ 334 million bid for Brooks Brothers in July, but the retailer considered Sparc’s offer a better deal. The companies also competed to give Brooks Brothers a loan to finance their bankruptcy proceedings, a battle won by Sparc.
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With that in mind, WHP decided not to go ahead with its offer, the trusted people said.
Sparc has hundreds of Aeropostale, Forever 21 and Nautica stores. WHP, founded in 2018 with support from Oaktree Capital Management LP, has bought the brands Joseph Abboud and Anne Klein from casting of courageous companies.
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Brooks Brothers filed for bankruptcy last month after more than two centuries in business, unable to resist store closures due to the coronavirus pandemic. The company has struggled in recent years with a shift to more casual dress styles at work.
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