Brooks Brothers will be purchased for US$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 US$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.
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