Brooks Brothers filed a motion in the United States Bankruptcy Court for the District of Delaware to obtain court approval of an asset purchase agreement with stalking horse bidder SPARC Group.

Under the terms of the agreement, SPARC intends to purchase substantially all the company’s global business operations as a going concern for $305 million. SPARC has also committed to acquire at least 125 Brooks Brothers retail locations. The agreement is subject to court approval and any higher or better offers as part of the company’s ongoing auction process.

SPARC is a full-service retail operator with a multi-brand platform that supports more than 2,600 retail stores and shop-in-shops, an eCommerce platform and wholesale accounts in North America, South America, Europe and Asia Pacific. SPARC supports more than $2.7 billion in global retail sales annually.

SPARC is partially owned by Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, which owns a portfolio of more than 50 media, entertainment and lifestyle brands, including Aeropostale and Nautica.

A court hearing to approve the stalking horse bid and bidding procedures will take place on Aug. 3. Brooks Brothers is requesting that the deadline for competing offers be set for Aug. 5 and that a hearing to approve the sale take place on Aug. 11.

Brooks Brothers’ restructuring counsel is Weil, Gotshal, & Manges, its investment banker is PJ Solomon, and its financial advisor is Ankura Consulting Group.