Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group.
The venture, called Sparc Group, initially offered $305 million for the clothing company last month. It will continue running at least 125 Brooks Brothers retail locations as part of the deal.
The 202-year-old New York-based clothier, which has dressed nearly every U.S. president, filed for J.C. Penney, J. Crew and Neiman Marcus, that have also filed for bankruptcy protection as store sales nationwide are decimated by the pandemic.in July, joining a list of other big retailers such as
A hearing to approve the sale is currently scheduled for Friday. The transaction is expected to be completed by the end of the month if all closing conditions are satisfied.