The founder and chief executive officer of Authentic Brands Group has created a $12 billion business in a decade, rounding up a stable of well-known fashion brands including Barneys New York, Forever 21, Juicy Couture, Nautica, Aéropostale, Volcom, Spyder, Prince, Neil Lane and myriad other labels.
Whether ABG will respect the history Brooks Brothers has built over the past 202 years is causing angst among the company’s staff and customers, but a source close to Salter said their fears may be unfounded. Case in point: He bought Forever 21 earlier this year for $81.1 million in partnership with Simon and Brookfield Property Partners; kept the 448 stores in the U.S. as well as a couple hundred more around the world; hired Daniel Kulle, a 24-year veteran of H&M, as ceo, and charged him with modernizing the business, updating its social media strategy and elevating the store experience.Brooks Brothers is expected to place more emphasis on sportswear after it is sold.
The licensing company’s apparent dominance in these proceedings speaks to the quick pace of bankruptcies and the dwindling options for bankrupt retailers. This dynamic has only been exacerbated during a pandemic that initially led to months-long store closures, and which still requires significant restrictions on in-store shopping.
“One of the consequences to this is the purchaser pool at these bankruptcy auctions is quite limited,” said Jeffrey Chubak of Amini LLC, who focuses on bankruptcies, commenting generally. “And there aren’t that many companies in this game of buying up intellectual property assets.”
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