Simon Property, Genuine Manufacturers to purchase outside gear label Eddie Bauer By Reuters
© Reuters. FILE PHOTO: Consumers ascend and descend escalators on the King of Prussia Mall, owned by Simon Property Group, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela
(Reuters) – High U.S. mall proprietor Simon Property Group Inc (NYSE:) and Genuine Manufacturers Group LLC have agreed to purchase Eddie Bauer, including the outside gear and attire retailer to a model marquee housing Aéropostale, Perpetually 21 and Brooks Brothers.
Genuine and SPARC Group LLC, a enterprise backed by model supervisor Genuine and Simon, are shopping for Eddie Bauer from a unit of Golden Gate Capital 12 years after the non-public fairness agency acquired the outside way of life gear maker out of chapter.
The monetary phrases of the deal weren’t disclosed.
Genuine Manufacturers mentioned it should personal the clothes model’s mental property and Eddie Bauer will turn into part of SPARC’s portfolio of manufacturers following the deal’s anticipated shut by June.
Eddie Bauer has 300 shops throughout the US and Canada, however practically half of its retail gross sales final yr got here via e-commerce as COVID-19 accelerated a shift to on-line procuring.
“The worldwide outside market alternative has grown exponentially during the last yr and we’re able to hit the bottom operating,” mentioned Genuine Manufacturers Chief Government Officer Jamie Salter.
Eddie Bauer is predicted to diversify ABG’s portfolio of manufacturers which embody leisure, media and trend.
The model will stay headquartered in Seattle below present President Damien Huang.
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