#Brooks Brothers has two potential buyers amid bankruptcy filing

Enlarge Image

Pedestrians wearing protective masks walk past a Brooks Brothers store in New York.
Frank Franklin II/AP

Two apparel firms are reportedly vying to buy Brooks Brothers now that the storied clothier has filed for bankruptcy.

WHP Global and Sparc Group LLC are looking to bid on the 202-year-old formal wear empire after the coronavirus pandemic and a broader shift toward casual clothing forced it into bankruptcy protection, according to The Wall Street Journal.

Both firms plan to keep most of Brooks Brothers’ stores open and are also in talks to give the company financing to support it through the Chapter 11 process, the paper reported Thursday.

Sparc Group is reportedly a partnership between Simon Property Group, the US’s largest mall operator, and Authentic Brands Group, the licensing firm that snapped up Barneys New York out of bankruptcy last year. Sources have told The Post that Authentic Brands was among the potential bidders for Brooks Brothers.

Sparc is also looking to buy Lucky Brand Dungarees out of bankruptcy to add to its portfolio comprising hundreds of Forever 21, Nautica and Aéropostale stores, according to the Journal.

WHP Global — a brand management company that owns the Anne Klein and Joseph Abboud dresswear labels — has already offered Brooks Brothers $75 million in so-called debtor-in-possession financing to get it through bankruptcy. But Sparc is also talking with Brooks Brothers about providing an even larger loan, the Journal reported.

A Brooks Brothers spokesperson did not immediately respond to a request for comment Friday morning.

The New York-based company — known for dressing 41 of the 45 US presidents — started searching for a buyer last year but those efforts were upended by the coronavirus crisis, which has hammered retailers around the world. JCPenney, J.Crew, Neiman Marcus and other chains have also filed for bankruptcy in recent months.