SPARC, a joint venture between Simon Property Group and Authentic Brands Group, has acquired Lucky brands for $140 million. Lucky filed for Chapter 11 bankruptcy in July after the pandemic pushed the iconic brand over the edge.
SPARC has added other troubled retailers into its portfolio in recent years, just earlier this week receiving approval for its purchase of Brooks brothers. The CEO of the JV made it clear that under SPARC’s management, Lucky would begin shifting attention to e-commerce and other platforms, away from their 175 stores.