Brooks Brothers sets sale procedures, negotiating stalking horse deal

By Caroline Salls

Pittsburgh, July 17 – Brooks Brothers Group, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Brooks Brothers said it is “engaged in advanced negotiations with multiple parties with respect to a potential stalking horse bid,” and the proposed bid procedures give it the flexibility to negotiate transactions and select a stalking horse bidder.”

Under the timeline established by the company, bids would be due by 4 p.m. ET on Aug. 5, and an auction would be held on Aug. 10, if necessary.

Bids at auction must be in minimum increments of $1 million.

The company is requesting an Aug. 3 hearing on approval of the bid procedures.

Brooks Brothers is an apparel retailer based in New York City. The company filed bankruptcy on July 8 under Chapter 11 case number 20-11785.

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