// Brooks Brothers sold to a clothing licensing firm and a shopping centre owner for £249 million
// The business collapsed into bankruptcy protection last month
Brooks Brothers has reportedly been sold to brand management firm Authentic Brands and US shopping centre owner Simon Property for $325 million (£249 million).
The US menswear retailer collapsed into bankruptcy protection last month after struggling to trade.
Clothing licensing firm Authentic Brands and Simon Property have together paid for the assets and vowed to keep 125 stores out of its 200 stores in the US open, The Telegraph reported.
- Brooks Brothers seeks buyer as it files for bankruptcy protection
- Market Snapshot: United States of America
The new owners also own US retailers including Aéropostale, Forever 21 and Nautica.
Brooks Brothers, which was founded in 1818, operates about 500 stores globally, and employs more than 4000 people.
Since 2001, it had been owned by Italian businessman Claudio Del Vecchio.
The sale of the business was being explored as a possibility before the pandemic struck, and it expected to complete the process in the next few months.
In a court filing, the company stated that it had both assets and liabilities between $500 million and $1 billion.
In addition, Brooks Brothers had already said it would close 51 stores in the US last month.
In May, fellow US fashion chain J Crew became the first major US retailer to file for bankruptcy protection since the coronavirus pandemic struck the country.
Brooks Brothers said at the time that it has approximately $600 million (£475 million) in debt, and many of its close to 250 US-based stores had already been struggling before the onset of the pandemic.