Might 7 (Reuters) – Prime U.S. mall proprietor Simon Property Group Inc SPG.N and Genuine Manufacturers Group LLC have agreed to purchase Eddie Bauer, including the out of doors gear and attire retailer to a model marquee housing Aéropostale, Without end 21 and Brooks Brothers.
Genuine and SPARC Group LLC, a enterprise backed by model supervisor Genuine and Simon, are shopping for Eddie Bauer from a unit of Golden Gate Capital 12 years after the non-public fairness agency acquired the out of doors way of life gear maker out of chapter.
The monetary phrases of the deal weren’t disclosed.
Genuine Manufacturers stated it’s going to personal the clothes model’s mental property and Eddie Bauer will turn out to be part of SPARC’s portfolio of manufacturers following the deal’s anticipated shut by June.
Eddie Bauer has 300 shops throughout the USA and Canada, however practically half of its retail gross sales final yr got here via e-commerce as COVID-19 accelerated a shift to on-line purchasing.
“The worldwide out of doors market alternative has grown exponentially during the last yr and we’re able to hit the bottom working,” stated Genuine Manufacturers Chief Government Officer Jamie Salter. (https://bit.ly/3uy5lS8)
Eddie Bauer is anticipated to diversify ABG’s portfolio of manufacturers which embrace leisure, media and vogue.
The model will stay headquartered in Seattle below present President Damien Huang.
(Reporting by Sanjana Shivdas in Bengaluru; Modifying by Devika Syamnath)
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