The oldest apparel company in the U.S., Brooks Brothers, has found a buyer in Authentic Brands Group and SPARC Group LLC. SPARC is backed by mall owner Simon Property Group and Authentic Brands.

The $325 million deal will give SPARC and Authentic the vast majority of the Brooks Brothers’ global operations as well as its intellectual property portfolio. SPARC will continue to operate at least 125 brick-and-mortar retail stores under the Brooks Brothers brand, which inludes 500 stores in 45 countries.

The companies said that they intend to preserve the Brooks Brothers’ name and continue serving customers under the brand’s identity. Brooks Brothers was started in 1818 and saw its sales decline amid the coronavirus pandemic as consumers shifted away from its suit-and-tie attire.

Brooks Brothers filed for bankruptcy in early July. At that time, a company spokesperson told CNBC, “Over the past year, Brooks Brothers' board, leadership team, and financial and legal advisers have been evaluating various strategic options to position the company for future success, including a potential sale of the business. During this strategic review, COVID-19 became immensely disruptive and took a toll on our business.”

Brooks Brothers has hired Weil, Gotshal, & Manges LLP as its restructuring counsel and PJ Solomon LP as its investment banker. Ankura Consulting Group will serve as the company’s financial advisor.

The sale between Brooks Brothers, Authentic Brands, and SPARC is expected to close by the end of August.

Brooks Brothers
A view of Brooks Brothers storefront closed during the COVID-19 crisis on May 6, 2020, in Vancouver, Canada. Getty Images/Andrew Chin