Jamie Salter has made another bold move in his quest to buy Brooks Brothers.
The chief executive officer of Authentic Brands Group has stepped forward with a $305 million stalking-horse bid to purchase the venerable retailer.
The bid is to purchase substantially all of Brooks Brothers’ global business operations as a going concern and includes a commitment to acquire at least 125 of the company’s retail locations. A court hearing to approve the stalking-horse bid will take place on Aug. 3. Brooks Brothers is requesting that the deadline for competing offers be set for Aug. 5 and that a hearing to approve the sale take place on Aug. 11.
On Thursday night, Yehuda Shmidman, chairman and chief executive officer of WHP, said: “It’s early innings in the Brooks Brothers bankruptcy sale process. The next key date is the auction. Our company, WHP Global, backed by Oaktree Capital and BlackRock, is a bidder. We are big believers in the power of the Brooks Brothers brand, the global footprint and the management team. We’re looking forward to competing at the auction — that’s when the future of Brooks Brothers will be determined.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spacestation launching 'Camp Sike' TikTok comedy group in LA mansion - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
An exodus hits Deutsche Bank's vaunted credit-trading group - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Armani Group, YNAP Partner on Next Era Distribution ModelThe new features of the Next Era model will be available on the armani.com web site from 2021, with full integration expected from 2022.
Read more »
Trio arrested in connection with murder of Florida fishing groupJUST IN: Police said they arrested three people in connection with a brutal murder of three friends who were fishing on a Florida lake.
Read more »
WSJ News Exclusive | Spotify Strikes New Licensing Deal With Universal Music GroupMoney could soon be flowing from labels back into Spotify’s coffers, thanks to a new deal struck with the world’s largest record company.
Read more »