A battle is brewing for control of Brooks Brothers Group Inc., with at least two apparel ventures looking to take over the bankrupt clothing retailer, the Wall Street Journal reported. Sparc Group LLC, an apparel company backed by Authentic Brands Group LLC and mall owner Simon Property Group Inc., is considering bidding to buy Brooks Brothers out of bankruptcy. WHP Global Inc., which has agreed to finance Brooks Brothers during its bankruptcy, is also crafting a buyout offer. Brooks Brothers filed for bankruptcy on Wednesday after two centuries in business, unable to withstand the coronavirus pandemic and the forced shutdown of retail shopping. The company, which struggled in recent years with a shift toward more casual dress styles at work, will soon start a formal process to field offers. Both potential bidders are planning to keep most Brooks Brothers stores intact, betting that the retailer’s survival is tied to a strong brick-and-mortar presence.
