On August 11, 2020, Brooks Brothers announced that it would be sold for $325 million to brand development firm Authentic Brands Group and to SPARC Group LLC, a joint venture between Authentic Brands Group and shopping mall operator Simon Property Group. The new owners committed to continue operating at least 125 Brooks Brothers retail locations in the US, and more worldwide (down from 424 global locations before the COVID-19 pandemic). The transaction was completed in September 2020. Ken Ohashi was also appointed as President and CEO in September of 2020.