A pedestrian wearing a mask walks past a Brooks Brothers storefront closed during the COVID-19 crisis on May 06, 2020 in Vancouver, Canada. Andrew Chin/Getty Images Authentic Brands Group, a retail management company, is considering buying Brooks Brothers, which filed for Chapter 11 bankruptcy on Wednesday.
“Brooks Brothers is a global brand. I am looking at it from a global standpoint,” the Chief Executive of ABG told CNBC in June.
ABG has purchased other bankrupt retail brands like Lucky Brand, Aeropostale, Forever 21, and Barneys in recent years. Since March, it’s also expressed interest in purchasing J.C. Penney.
ABG has partnered with major mall owners Simon and Brookfield to acquire some brands.
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Authentic Brands Group is considering purchasing Brooks Brothers, The Wall Street Journal reported on Friday. The suiting brand filed for bankruptcy on Wednesday and is the latest struggling retailer that ABG has expressed interest in scooping up during the coronavirus pandemic, which has forced many retailers into bankruptcy or liquidation.
“Brooks Brothers is a global brand. I am looking at it from a global standpoint,” Jamie Salter, Chief Executive of ABG, told CNBC in June before Brooks Brothers had officially announced they were filing for bankruptcy.ABG is a brand management company that has made a business of acquiring bankrupt and struggling brands over the years. They bought velour tracksuit maker Juicy Couture in 2013, tween mall staple Aeropostale in 2016, and high-end department store Barneys New York in late 2019. […]
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