Bankrupt Brooks Brothers received an initial bid of $305 million from Sparc Group, a venture backed by Simon Properties and Authentic Brands Group

• Sparc Group LLC made a stalking horse bid of $305 million to purchase bankrupt suiting company Brooks Brothers
• Brooks Brothers filed for bankruptcy on July 8
• Authentic Brands Group expressed interest in purchasing the company on July 11

Brooks Brothers received an initial bid of $305 million on its assets from Sparc Group LLC, a venture backed by mall owner Simon Properties and retail management company Authentic Brands Group.

Brooks Brothers filed for bankruptcy on July 8, and Authentic Brands Group previously announced interest in purchasing the suiting company on July 11.

The stalking horse bid encompasses the entirety of Brooks Brothers global operations, as well as a commitment to acquire at least 125 Brooks Brothers retail locations, the press release announced. Other potential buyers will have a chance to beat Sparc's offer with competing bids until August 5. The sale will be completed to a buyer by August 11.

Sparc Group has previously bought other bankrupt retailers, including Aeropostale and Forever 21, though those sales also included backing from mall property owner Brookfield. The venture also entered an asset purchase agreement with Lucky Brand on July 3. The three companies also expressed interest in purchasing J.C. Penny in June, according to Bloomberg.