Brooks Brothers (New York), which declared bankruptcy last month, is expected to be sold to a conglomerate that includes Authentic Brands and mall operator Simon Property Group, according to The Street. Authentic Brands owns retail banners Barneys New York and Forever 21.
With a bid of $305 million, the pair are expected to win a court-supervised bankruptcy auction this week. “We are in the process of identifying the right owner, or owners, to lead our iconic Brooks Brothers brand into the future,” a spokesperson told CNBC.
Brooks Brothers has more than 500 stores in 45 countries. The Authentic Brands/Simon bid committed to take on at least 125 stores.