PRIVATE EQUITY OWNED
Brooks Brothers
Includes Brooks Bros, BB
clothing · New York, NY
- PE Firm
- Authentic Brands Group (CVC Capital, BlackRock, General Atlantic)
- Acquirer
- Authentic Brands Group / SPARC Group
- Year Acquired
- 2020
One of America's oldest clothiers survived 202 years
What They Did
- Filed Chapter 11 in July 2020 listing between $500 million and $1 billion in liabilities — ABG and Simon Property swooped in with a $325 million acquisition through their SPARC Group joint venture
- ABG doesn't run stores, make clothes, or employ retail workers — they bought the trademark and licensed everything back out, turning a 202-year-old clothier into an IP royalty stream
- All three U.S. factories shuttered — Long Island City, Haverhill (MA), and Garland (NC) — eliminating nearly 700 manufacturing jobs and ending Made in USA production entirely
- In January 2025, SPARC merged with JCPenney to form 'Catalyst Brands' — Brooks Brothers now shares corporate parents with Aeropostale and JCPenney in a $9 billion portfolio play
Since the Acquisition
- Store count slashed from about 250 U.S. locations to roughly 125 after bankruptcy — over half the retail footprint gone, plus all Canadian stores closed in 2024
- The Southwick suit factory in Haverhill and the Garland shirt factory are gone — the brand that dressed 41 presidents no longer makes anything in America
- ABG's licensing model means third-party operators run everything — customers report inconsistent quality, longer shipping times, and a class-action alleges fake 'original' prices at Factory stores
- Production moved almost entirely offshore — shirts now made in Malaysia, shoes sourced from Italy instead of longtime partner Alden — the heritage brand is now a label on imported goods
Sources
- SPARC Group merges with JCPenney to form Catalyst Brands — JCPenney(2025-01-08)
- ABG and SPARC Group Finalize Acquisition of Brooks Brothers — Authentic Brands Group(2020-09-01)
- Brooks Brothers to be sold for $325 million — CNBC(2020-08-12)
- Brooks Brothers 'Likely' to Close All Three U.S. Factories — WWD(2020-05-19)
- Brooks Brothers Factory stores advertise discounts based on 'fake' original prices, class action says — Top Class Actions(2024-11-26)
- Ted Baker, Brooks Brothers and Lucky Brand Stores in Canada to Close Following Financial Struggles — Retail Insider(2024-05-10)
- Brooks Brothers files for bankruptcy protection; three NH outlets — Union Leader (Reuters wire)(2020-07-08)