by Stephen Garner
Getty Images

Brooks Brothers has filed a motion in the United States Bankruptcy Court for the District of Delaware to obtain court approval of an asset purchase agreement with stalking horse bidder SPARC Group.

Under the terms of the agreement, SPARC intends to purchase substantially all the company’s global business operations as a going concern for $305 million. SPARC has also committed to acquiring at least 125 Brooks Brothers retail locations. The company has more than 400 stores worldwide.

The agreement is subject to court approval and any higher or better offers as part of the company’s ongoing auction process.

A court hearing to approve the stalking horse bid and bidding procedures will take place on August 3rd. The company is requesting that the deadline for competing offers is set for August 5th and that a hearing to approve the sale will take place on August 11th.

SPARC Group is a partnership between Authentic Brands Group and Simon Property Group, the nation’s largest mall operator. The company is looking to add Brooks Brothers to its portfolio, which already includes Aéropostale and Nautica stores. The company also made an offer earlier this month to buy the bankrupt Lucky Brand Dungarees retailer.