Brooks Brothers Group has found a champion.
Gordon Brothers, the Boston-based advisory, restructuring, and investment firm, announced it has provided a $20 million secured term loan facility to Brooks Brothers Group, one of the country’s oldest and most iconic apparel retailers. Founded in 1818, the company has more than 250 in the United States and Canada as well as a global footprint that includes some 700 stores in more than 70 countries.
Brooks Brothers, which last year hired a firm to help it explore its options, has been struggling under a heavy debt load and falling sales amid an array of new competitors, especially digitally native retailers. Recent reports had the company exploring bankruptcy.
“We are excited to provide a capital solution to one of the most iconic American apparel brands in the market today,” commented Ramez Toubassy, president of brands for Gordon Brothers, which recently acquired British lifestyle brand Laura Ashley. “With a heritage of over 200 years, global brand awareness and broad consumer affinity, Brooks Brothers is a brand that is positioned to thrive for the long run.”
Added Steven G. Goldaper executive VP and CFO, Brooks Brothers Group: “Gordon Brothers’ experience with brand-focused financings allowed them to quickly and commercially put together a financing solution for Brooks Brothers that will allow us to execute upon our operating plan.”