Authentic Brands Group, a brand development, marketing, and entertainment company, and SPARC Group, a global enterprise which designs, sources, manufactures, distributes, and markets apparel and accessories, agreed to acquire Brooks Brothers, an American apparel company, for $325m. The proposed transaction is subject to Court approval and the satisfaction of customary closing conditions, including regulatory approval. Oaktree Capital-backed WHP Global exited the race to buy out Brooks Brothers. 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.