of less than $300 million. Bankruptcy filing and sale On July 8, 2020, it was reported the company was filing for Chapter 11 bankruptcy due to declining sales and the economic impact of the COVID-19 pandemic. Brooks Brothers planned to close 51 of its 250 locations in North America. 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 Chief Executive Officer in September 2020. On December 1, 2020, designer Michael Bastian was named as the brand's creative director. Innovations Brooks Brothers introduced many clothing advances to the American market throughout its history as a leader in the American menswear industry: Ready-to-wear in 1849 In 1896, John E. Brooks, the grandson of Henry Sands Brooks, applied button-down collars to dress shirts after having seen them on English polo players. English foulard ties, introduced by Francis G. Lloyd in the 1890s before he was made president of the corporation Ivy League American sack suit, 1895 Pink dress shirt, became a sensation to go with charcoal-gray suits Shetland sweater, introduced in 1904 Harris Tweed, introduced to the fashion marketplace in 1909 Polo coat about 1910 Madras, introduced from India via Brooks Brothers to the public in 1902 Argyles socks: in 1957, Brooks Brothers became the first American retailer to manufacture the article for men Light-weight summer suits: the first lightweight summer suits made of cotton corduroy and seersucker were introduced by Brooks during the early 1930s Wash-and-wear shirts: in 1953, the store pioneered the manufacture of wash-and-wear shirts using a blend of Dacron, polyester, and cotton that was invented by Ruth R. Benerito, which they called "Brooksweave" Non-iron 100% cotton dress shirt, 1998 Brooks Brothers did not make an off-the-rack black suit between 1865 and 2003. For many years, a myth circulated that the reason the company did not make black suits was out of deference to Abraham Lincoln, who wore a bespoke black Brooks frock coat, a gift from the company, when he was assassinated. It