Brooks Brothers, survived 2 world war but sadly not Covid-19 crisis. The America’s oldest clothing brands, has become the latest US retailer to file for bankruptcy protection.
The menswear company, which is more than 200 years old, sought court protection from creditors on Wednesday while it looks for a buyer. It had already shut some stores and prepared to close its US factories, reported by BBC.
The company dates back to 1818 and its clothes have been worn by dozens of US presidents, including John F Kennedy and Barack Obama.
It operates about 500 stores globally, roughly half of which are in the US, and employs more than 4,000 people.
The firm has struggled as more casual office attire has become the norm and online competition has increased. The sale of the business was being explored as a possibility, before the pandemic struck. The company said it expected to complete the process in the next few months.
According to Sin Chew Daily, the company mentioned about the three US factory closures on June, However, Mr Del Vecchio ( owner of Brooks Brothers) said the firm was taking steps to ensure its survival. It employed nearly 700 people at the plants in New York, Massachusetts and North Carolina.
In addition, the company had already said it would close 51 stores in the US.
“At this moment, all resources need to be maintained and saved to make sure we can come out on the other side of the crisis,” he said.