Authentic Brands Group Inc. holds the license to more than 30 brands, including Sports Illustrated and Marilyn Monroe, as well as other well known retail names such as Brooks Brothers, Nine West and Eddie Bauer. The company gets most of its revenue from licensing fees.Jul 7, 2021
Is Belks closing in 2021?
Belk, a private apparel retailer with locations in 16 states, already marked the first bankruptcy of 2021. The COVID-19 pandemic has caused thousands of store closures and financial woes for the retail industry.
Did Belk buy J.C. Penney?
New York private-equity firm Sycamore Partners reportedly has an offer on the table to buy J.C. Penney for $1.75 billion with plans to merge it with North Carolina-based Belk. The firm acquired Belk, which has nearly 300 locations across 16 states in the U.S., primarily in the Southeast, for about $3 billion in 2015.
Who bought J.C. Penney?
Simon and Brookfield Asset Management, the two largest U.S. mall operators, bought Penney out of bankruptcy last year in a transaction valued at $1.75 billion with the assumption of debt. The owners recently cut 650 jobs at Penney, including 100 in local corporate operations.
Who did Belk buyout?
Belk's buyout of sister Leggett Stores will reunite two families that split in 1927, when the Leggett brothers set out to start their own department-store chain in southern Virginia.
Why Belk's bankruptcy was unique Earlier this year, Belk made it known that it would be seeking bankruptcy protection in light of its heavy debt load -- a load made more difficult to manage when store revenue took a hit in the course of the pandemic.