on Wednesday and is the latest struggling retailer that ABG has expressed interest in scooping up during the coronavirus pandemic, which has forced many retailers into bankruptcy or liquidation.
"Brooks Brothers is a global brand. I am looking at it from a global standpoint," Jamie Salter, Chief Executive of ABG,ABG is a brand management company that has made a business of acquiring bankrupt and struggling brands over the years. They bought velour tracksuit maker Juicy Couture in 2013, tween mall staple Aeropostale in 2016, and high-end department store Barneys New York in late 2019. They also acquired the embattled magazine title Sports Illustrated from Meredith Corp.
In the same interview with CNBC, Salter explained his interest in these failing retailers: "My strategy is simple. Buy low, sell high." ABG has partnered with major mall brands Simon and Brookfield for the purchases of Aeropostale and Forever 21. Together, ABG and Simon own SPARC Group, which is "an operating partner to global brands, providing retail and ecommerce management, sourcing, design and other operational and administrative support," per theHere's a list of all the dead retail brands that ABG has purchased or is considering buying since the start of the year.
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