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SPARC Submits Stalking-Horse Bid to Acquire Brooks Brothers
- Client News
- July 23, 2020
Paul, Weiss is representing global retail operator SPARC Group LLC in its $305 million stalking-horse bid to acquire Brooks Brothers as part of a court-supervised auction for America’s oldest apparel company. Brooks Brothers filed for chapter 11 bankruptcy protection on July 8 in the District of Delaware.
Under the terms of the asset purchase agreement, submitted July 23 and subject to court approval, SPARC will purchase substantially all of the company’s global business operations as a going concern, and has committed to acquiring at least 125 Brooks Brothers retail locations. SPARC, a full-service retail operator that supports over $2.7 billion in global retail sales annually, is backed by Authentic Brands Group, a global brand development, marketing and entertainment company.
The Paul, Weiss team includes, among others, restructuring partner Brian Hermann and counsel Brian Bolin; corporate partners Ted Ackerman and Robert Schumer; intellectual property partner Claudine Meredith-Goujon; real estate partner Peter Fisch; tax partner Scott Sontag; litigation partner Gregory Laufer and counsel Steven Herzog, Peter Jaffe and Rachel Fiorill; antitrust counsel Yuni Sobel and Marta Kelly; and employee benefits counsel Reuven Falik.