Tommy Hilfiger in Talks on Brooks Bros.
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Tommy Hilfiger Corp. said it is exploring an acquisition of the Brooks Bros. clothing store chain from Marks & Spencer.
No more comment will be made on the negotiations, said Hong Kong-based Tommy Hilfiger, which is the parent of the U.S. Tommy Hilfiger unit based in New York.
Marks & Spencer, the largest British clothing retailer, said in June that it wanted to pick a buyer for Brooks Bros. by October. Brooks Bros., a U.S. chain known for its classic men’s and women’s clothing, could fetch $400 million to $500 million, analysts said at the time. Marks & Spencer paid Allied Stores Corp. $750 million for Brooks Bros. in 1988.
Women’s Wear Daily reported earlier this month that Tommy Hilfiger was offering at least $325 million for Brooks Bros., thus qualifying to hear detailed presentations of the retailer’s financial performance and prospects.
Tommy Hilfiger shares fell 28 cents to close at $12.65 on the New York Stock Exchange. The announcement on Brooks Bros. came after the close of U.S. trading.
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