BROOKS BROTHERS SEEKS COURT APPROVAL TO SELL FOR $325 MILLION

SPARC Group, a partnership between Authentic Brands Group and Simon Property Group, had the winning bid on Tuesday to buy bankrupt retailer Brooks Brothers in a $325 million deal.

SPARC upped its original bid of $305 million for the vast majority of the company’s global business operations as a going concern as well as its intellectual property portfolio.

As part of the agreement, SPARC has committed to continue operating at least 125 Brooks Brothers retail locations. The bidders intend to preserve the iconic Brooks Brothers brand and to continue to serve the company’s loyal customers.

The proposed transaction is subject to court approval and the satisfaction of customary closing conditions, including regulatory approval. The hearing to approve the sale is currently scheduled for August 14th.

SPARC has submitted an offer to buy Lucky Brand Dungarees out of bankruptcy that was due to go before a judge Wednesday morning. Authentic Brands — which snapped up Barneys New York in a bankruptcy sale last year — also teamed up with Simon and Brookfield Property Partners to take over the bankrupt Forever 21 chain in February.