Court clears way for sale of Brooks Brothers Canada assets to SPARC Group LLC

a group of people walking in front of a store

© Provided by The Canadian Press

TORONTO — An Ontario Superior Court judge has granted an order adding Brooks Brothers Canada Ltd. to its parent company’s U.S. bankruptcy proceedings, paving the way for the sale of the luxury clothing retailer’s Canadian assets. 

The order, issued by Justice Glenn Hainey under the cross-border insolvencies section of the Companies’ Creditors Arrangement Act, allows Brooks Brothers Group Inc. to act as the Canadian retailer’s foreign representative.

It also recognizes the U.S. Bankruptcy Court Chapter 11 restructuring process as the foreign main proceeding and grants a stay against debtors. 

The court approval clears the sale of the 202-year-old clothier’s Canadian assets — mainly inventory — to SPARC Group LLC, which purchased Brooks Brothers and its subsidiaries and affiliates for $325 million last month.

SPARC, which stands for Simon Properties Authentic Retail Concepts, is a joint venture between Authentic Brands Group and Simon Property Group.

Read More Read more

Havenbrook Homes, LLC et al. v. Infinity Real Estate Investments, Inc. et al.

  • Premium Subscription

    With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.

    View Now

  • Team Accounts

    Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.

    View Now

  • Bundle Subscriptions

    Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically

  • Read More Read more

    BBX Capital Corporation Announces Shareholder Approval of Spin-Off of BBX Capital Florida LLC and Corporate Name Change

    The MarketWatch News Department was not involved in the creation of this content.

    BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (the “Company”) and its subsidiary, BBX Capital Florida LLC (“New BBX Capital”), announced the following today:

    At the special meeting of the Company’s shareholders held earlier today, the Company’s shareholders voted to approve the previously announced spin-off of New BBX Capital. The spin-off was approved by holders of shares of the Company’s Class A Common Stock and Class B Common Stock representing 88% of the total number of votes entitled to be cast on the spin-off. While the shareholders voted together as a single class on the spin-off and that vote alone was sufficient to approve the spin-off, the Company notes that 97% of the shares of the Company’s Class A Common Stock which were voted on the spin-off were cast in favor of the spin-off and that the spin-off

    Read More Read more