Bankrupt Brooks Brothers Gets Rescue Takeover Bid
- Authentic Brands-backed venture submits $305 million offer
- WHP, Italian companies are preparing competing proposals
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The race to purchase Brooks Brothers Group Inc. out of bankruptcy is on as brand manager WHP Global and a group of Italian companies prepare bids following Authentic Brands Group LLC and Simon Property Group Inc.’s $305 million offer.
Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a $305 million bid in a court-supervised auction for Brooks Brothers’ global business operations, according to a statement.