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 LLC, 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 200-year-old New York-based clothier, which has dressed nearly every U.S. president, filed for Chapter 11 bankruptcy in July.
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.
Michelle Chapman, The Associated Press
