On Wednesday July 8th, the famed and over 200 year old men’s luxury retailer filed for bankruptcy protection as they seek a buyer. Brooks Brother’s has also closed some of it’s stores as well as getting ready to close their U.S. factories. The famous company was founded in 1818, and has dressed many U.S. presidents being a major men’s luxury U.S. company.
Globally operating 500 stores (half of them in the U.S.) the company has defined the dressy and “preppy” classic style of American gentleman. From 1988 to 2001 it was owned by Marks & Spenser, which after it was acquired by Claudio Del Vecchio who’s family founded Luxottica.
Brooks Brothers has been struggling in the industry from online competition and the advent of casual attire in the office become more popular. Before the pandemic they were already in the process of looking for a buyer, Covid-19 simply expedited it and lead to a chapter 19 filing.
Assets and debts they reported is between 500 million and 1 billion dollars. The company stated that it is determined to survive as it said that it will close 51 stores in the U.S.
Joining the ranks of other majors retail brands like Barney’s, J Crew and Neiman Marcus which Covid-19 has toppled, the future looks very uncertain as the U.S. fights from under the heel of the pandemic.