Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and Indianapolis-based shopping mall owner Simon Property Group, the famous clothier announced late Tuesday.
The venture, called Sparc Group LLC, initially offered $305 million for the retailer last month. It will continue running at least 125 of Brooks Brothers’ 200 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.
Brooks Brothers has just one store in Indianapolis, at the Fashion Mall at Keystone.
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.