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Brooks Brothers finds suitors to salvage brand in $325 million sale

Retail stores face uphill battle during pandemic
Retail stores face uphill battle during pande... 01:57

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 Chapter 11 bankruptcy in July, joining a list of other big retailers such as J.C. PenneyJ. Crew and Neiman Marcus, that have also filed for bankruptcy protection as store sales nationwide are decimated by the pandemic.

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.

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