Brooks Brothers Group Inc. is seeking bankruptcy court approval to sell its Southwick manufacturing facility for $14 million to an entity affiliated with Massachusetts-based developer Eastern Real Estate LLC.
The luxury clothing retailer agreed to sell the 148,000 square foot facility located in Haverhill, Mass., to Eastern Opportunity Fund LLC last month, according to a filing with the U.S. Bankruptcy Court for the District of Delaware. Brooks Brothers halted operations and effectively closed the site in May as it dealt with losses from the Covid-19 pandemic.
The factory had been run by Brooks Brothers affiliate Golden Fleece Manufacturing Group.
About Brooks Brothers Group
Brooks Brothers is a clothing retailer with over 1,400 locations in over 45 countries. While famous for its clothing offerings and related retail services, Brooks Brothers is known as a lifestyle brand for men, women, and children, which markets and sells footwear, eyewear, bags, jewelry, watches, sports articles, games, personal care items, tableware, fragrances, bedding, linens, food items, beverages, and more.
Brooks Brothers Group, Inc. is the Debtors’ ultimate corporate parent, which directly or indirectly owns each of the other Debtor entities.
Brooks Brothers Group, Inc. and 12 of its affiliates filed for Chapter 11 protection (Bankr. D. Del., Lead Case No. 20-11785) on July 8, 2020. The petitions were signed by Stephen Marotta, chief restructuring officer.
The Debtors were estimated to have assets and liabilities to total $500 million to $1 billion.
The Hon. Christopher Sontchi presides over the cases.
Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP serve as counsel to the Debtors. PJ Solomon, L.P acts as investment banker; Ankura Consulting Group LLC as financial advisor; and Prime Clerk LLC as claims and noticing agent.