Brooks Brothers in Purchase Deal Worth $325 Million.

Early in July, Brook Brothers which has been around for a very long time, dating far back as over 200 years, filed for bankruptcy, as it found itself among other long-standing businesses that have been hit hard by the Coronavirus pandemic.

According to the iconic U.S apparel retailer, it might end up being acquired by Authentic Brands Group LLC and SPARC Group LLC, they would see to it that the business remains a going concern with at least 125 retail stores of Brooks Brothers still running.

The Brooks Brothers which is owned by Italian billionaire Claudio Del Vecchio introduced the button-down Polo shirt in 1986. They also boast to have dressed former U.S Presidents, such as John F. Kennedy, Barrack, and over 30 more presidents.

As a result of the current coronavirus pandemic, most of its stores are closed and this has affected its business, with about 500 of its retail stores facing a lockdown, as instructed by the government over many businesses, to help curb the spread of coronavirus.

It might seem like its challenges and struggles only arose with the coronavirus pandemic, but more could be seen to have contributed to its struggles as corporate America, which includes Wall Street, made some adjustments for employees which permitted them to dress casually over the usual bespoke suits.

Information gotten from Brooks Brothers revealed that there would be a hearing for approval concerning the sale which has been scheduled to hold on August 14, as there are already hopes to complete the deal by the end of the month.

Some closes sources involved in the recent sale of Brooks Brothers revealed that they had set a deadline for last week in other to see if they would receive better offers than what was offered by Authentic Brands Group and SPARC Group, but no other offer was made.

Therefore, they might have to make do with what they have, as against getting nothing and hitting a total loss.

With Authentic Brands Group LLC and SPARC Group LLC increasing their offer to $325 million, it is almost certain that Brook Brothers will reach a mutual agreement with them.