Brooks Brothers ditched it’s bankruptcy auction in favor of the “Stalking Horse” buying offer of $305 million, and shortly after increased the buyout offer to $325 million from Sparc Group LLC, a partnership between mall owner Simon Property Group and brand-licensing firm Authentic Brands Group.

Sparc Group whose portfolio also includes the Aéropostale and Nautica apparel brands, plans to to keep at least 125 Brooks Brothers stores open and “preserve the iconic Brooks Brothers brand,” the retailer said.