// Forever 21’s parent company completes £249 million acquisition of Brooks Brothers
// Authentic Brands Group has vowed to keep 125 stores out of its 200 stores in the US open
Forever 21 owner Authentic Brands Group (ABG) has completed its $325 million (£249 million) acquisition of menswear retailer Brooks Brothers.
ABG and US shopping centre owner Simon Property have together paid for the assets and vowed to keep 125 stores out of its 200 stores in the US open.
ABG owns Forever 21, Aéropostale and Barneys New York, and aims to focus on growing Brooks Brothers’ ecommerce proposition.
The menswear chain filed for bankruptcy protection in July after its struggles were exasperated by the Covid-19 pandemic.
Brooks Brothers operates around 500 stores globally and employs more than 4000 people.
However, the company said in June that it would shutter 51 stores.
“We are thrilled to bring this world-class brand into the fold,” ABG chief executive and chair Jamie Salter said.
“Brooks Brothers comes at an important time in ABG’s development as we are placing a significant emphasis on growing our retail and ecommerce footprint.
“We see a great opportunity to strategically expand this powerhouse brand across the globe.”
In May, fellow US fashion chain J Crew became the first major US retailer to file for bankruptcy protection since the coronavirus pandemic struck the country.