Forever 21 owner ABG completes £250m Brooks Brothers deal

ABG, which owns a host of other fashion brands including Forever 21, Aéropostale and Barneys New York, said it was “thrilled” to add Brooks Brothers to its stable.

It plans to focus on growing Brooks Brothers’ ecommerce proposition as part of its blueprint to rejuvenate the embattled brand. 

The menswear chain filed for bankruptcy protection in July following a prolonged period of turbulent trading that was exacerbated by the coronavirus pandemic.

Brooks Brothers was founded back in 1818. It operates around 500 stores globally and employs more than 4,000 people.

It said in June, however, that it would shutter 51 of those stores as it grappled to shore up its bottom line. 

ABG chief executive and chair Jamie Salter said: “We are thrilled to bring this world-class brand into the fold. 

“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.”