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.
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