Brooks Brothers announced that Authentic Brands Group and SPARC Group LLC were the winning bidders for the suiting company.
Business Insider reports that Brooks Brothers filed for Chapter 11 bankruptcy last month.
ABG and SPARC increased its initial offer of $305 million to $325 million.
They agreed to keep at least 125 retail locations operating.
The group have previously worked together to purchase distressed retailers like Aeropostale and Juicy Couture.