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Marks & Spencer Is Selling Brooks Bros.

March 30, 2001|Bloomberg News

Brooks Bros., whose customers during the last 183 years included Abraham Lincoln, Clark Gable, Jack Kerouac and Bill Clinton, is looking for a new owner to make the clothier's profits as strong as its brand name. London-based retailer Marks & Spencer said it's putting Brooks Bros. up for sale to focus on repairing its British business. Marks & Spencer bought New York-based Brooks Brothers in 1988 for $750 million. At two times sales, it was one of the highest amounts ever paid for a retailer, analysts said. Brooks Bros. now would fetch $290 million to $362 million, one analyst said. Marks & Spencer also plans to sell Kings Super Markets, its Parsippany, N.J.-based supermarket chain.

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