New owners, ABG and SPARC, are negotiating with former Brooks Brothers owner Claudio Del Vecchio on the lease of the flagship, while Michael Bastian is in the running to be the designer.
Smaller stores may find customers are more likely to shop local to help support their communities.
Most men’s brands and stores are hoping for pent-up demand, but the category will need to be updated for comfort and performance.
Store employees face a disproportionate burden of job insecurity and loss of vital benefits, and tend to lack a strong voice in the process.
The centuries-old retailer will be sold to SPARC, the ABG-Simon Property Group joint venture, but vendors and employees ponder their future.
A creative with a strong background in sportswear will be hired before the end of the year, according to new owner, ABG’s Jamie Salter.
A Delaware bankruptcy court affirmed the $305 million offer by Sparc Group as the stalking-horse bid.
Luciano Donatelli, who has been spearheading a group of investors under the Club Deal 8 moniker to buy the storied American retailer, believes an alliance with a group that has knowledge of the American market is key.
The group of Italian investors will compete with the likes of Authentic Brands Group and WHP Global.
The company, through its Sparc Group, offered a $305 million going-concern bid.
The men’s wear brand’s bankrupt entities are seeking to sell the manufacturing facility in Massachusetts.