British retailing group Marks & Spencer said...

British retailing group Marks & Spencer said it cut the price it will pay Campeau Corp. for its prestigious Brooks Bros. subsidiary by $20 million, to $750 million. However, Marks & Spencer said in a statement that the move did not reflect any shift in the worth of Brooks Bros. “Following a review of their respective financing strategies, by Campeau Corp. and Marks & Spencer, the terms of the agreement have now been revised,” the company said. A Marks & Spencer director said the sum was revised because of changes in funding details. The deal also includes a pledge by Toronto developer Campeau not to set up a specialty menswear chain in the next five years that would compete with Brooks Bros. in Japan or the United States.