Sparc, the joint venture formed by Simon Property Group (SPG) + 0.6%) and Authentic Brands, wins another bid for the acquisition of a company in Chapter 11 bankruptcy proceedings.
This time, a bankruptcy court appointed Sparc the winning bidder to get denim maker and retailer Lucky Brand for $ 140.1M.
Authentic Brands CEO and Founder Jamie Salter said the deal will add more than $ 13B in global retail sales to its portfolio. Lucky has more than 175 stores in North America and its products are also sold in department stores such as Macy’s. It was not disclosed how much Lucky Stores Sparc expects to keep open.
The news comes after the joint venture won the bid for men’s packmaker Brooks Brothers in a $ 325M deal earlier this week.
Simon and Authentic will be the core licensee and operating partner for Lucky, overseeing its sourcing, product design and development and will manage all of its North American stores and e-commerce channel.
Meanwhile, it is said that Simon Property, the largest owner of the American shopping center, and partners of Brookfield Property are said in advanced talks to buy JC Penney’s retail businesses.
JC Penney Enterprise Value
